Gold continued its negative momentum to break 1208 and closed below it, which opens up doors too the level of 1180 in the upcoming sessions , supported by 50EMA.
Weekly & Daily order flow of price is within an area or areas (order blocks) where price likely to reverse & changes direction. Added confluence with daily trend structure & distribution of price in Monday's trading session where liquidity underneath price wasn't taken out give me the heads up to look for shorts for Japanese yen.
Entry @ 113.74. If this position ...
Fib levels confluence with order blocks - 4hr & Daily. Just sitting on my hands just waiting for price action to unfold. Price to continue from the up trendline structure towards the previous day EQ and then previous week EQ to take out stops above the swing high.
Price respects Daily & 4Hr order block, trades back into the up trendline structure. Fib drawn from swing high to low 50% retracement level & 4hr breaker low lines up together @ .86081. Possible HP move on the downside if EQ holds. Also previous week EQ too .86075 added confluence for me to short this pair if price action plays out to the books.
1. 4HR Bullish order block & EQ of that candlestick, As marked price tested the EQ before shooting up - where I'll be setting up longs when prices trades back towards that level.
2. 15M Bullish order block, another area of interest where I'll be setting up longs.
3. Where I don't want to see react. If it plays out to the downside piercing the marked S/R and OB ...
