All annotations on graph fully explain my logic for this potential trade position which will need confirmation before entry, my first attempt of a live institutional set-up.
All feedback or comments are greatly appreciated!
Price is pulling back to a 15 minute order block (refined to 5 minute). I am looking for price to retrace and go long to fill previous imbalance marked as the outlined box. I then used fib golden zone to add extra confluence.
This is my first time trading XAU/USD so we'll see how it goes!
Price is pulling back to a 15 minute order block (also refined to 5 minute). I am then looking for price to retrace and fill in imbalance marked up as the outlined square. I also used fib (golden zone) for extra confluence.
I am not usually a gold trader this is my firdt ever gold markup so we'll see how it goes!
I hope everyone has had a great weekend and you're all getting ready for another profitable week like me 😎
This is as simple as it looks but I will break it down for you. My 71% to 76.8% Fib Retracement golden zone aligns perfectly with that footprint in the imbalance I've marked.
Most retail traders will see those equal lows and the bounce from 50% to 61.8% and...
NZDUSD is finishing the Accumulation Phase and slowly moving towards Distribution , we should first see Re-Accumulation and a Correction in the uptrend before starting Distribution.
Trading with the Smart Money - Wyckoff Method.
gbp usd has broken and retested the demand zone, banks/institutions have longed this from previous daily demand (green) and have no takene profit which is coincidentally consolidating around minor demand zone.
These sequences happen over and over and over again. Typical rally base rally move. Expect big bullish candles to occur.
I'm expecting price to return to the long term descending channel as there is a lot of liquidity there for the taking.
I expect this to happen via the channel breaking (wiping out stop losses) then price to continue downward. I have a trade idea already generated before price even reaches that destination, so when it does I am fully prepared for any...
Been away from trading due to holidays (Thank you Isreal you were amazing!!)
So here we are in a long term descending channel from a higher timeframe. Price will most certainly reach the top and re-test it.
And during this long term channel, we have a shorter ascending channel with a perfect place to enter.
If it was only that easy ever retail trader...
AUD/USD is at a monthly demand zone, there are numerous traps enticing retail traders to short. E.g. bouncing off the weekly trend line, and a so called area of resistance on the daily.
COT data also shows banks are becoming slightly bullish and reducing short positions.
Don't short basically.
No point letting this trade turn into a looser now. Two lower highs created, so some structure to help create a logical place to move the stop too. Stop will be now at 1.46825. Worry free trade now, let the market go where it wants on this pair now.
Updates to follow.
Did you just hand back over some money to the market after what you thought was a great entry? But why, that "support" looks fantastic? You might have thought;
Multiple touches in the past, strong zone.
Price created some nice bullish Price Action, it must be bouncing off the support.
We had a huge strong move up not too long ago.
This is accumulation within that...
Notice the 5 touches of previous resistance marked by the blue arrows. This "strong level" entices people to sell and place their stops just above the level. See how price begins to fall from this level marked at the red arrow? This also draws more sellers into the market; people don't want to miss out; then BOOM! Price breaks the level and wipes out everyone who...