Im very indecisive with XAUUSD, It is always highly manipulated and doesn't want to seem to follow structure or trends like the majority of FX pairs. From a retail technical stand point I would say that price is comfortably downtrending, what I would like to see is a pullback into the key level of structure marked, followed by signs of rejection before getting...
- from yesterdays rally to the downside we are expecting a pull back today of some kind, As you can see price has made a new LH and HH, We are hoping this trade will form an "M" Shape, Create a double bottom, then rocket to the upside following the orange line back to zone, they always say, trade the 2nd leg of the
"M" & "W" so I will trading this...
We have already entered this trade for a short as you can see. We was in profit but now price has come back up to retest the level as Res. We did enter early and should of waited for the retest but it's not a problem.
The arrows indicate how I think and hope this XAU trade will play out. If you wish to join me on this trade, that will be up to you :)
We had highlighted already that we would look for sells if we broke below 1900.
Price broke below 1900, and before executing sells, we waited for resistance to form on lower timeframes, in this case the 15m timeframe. When price then broke the low of the previous 15m candle, after already forming resistance, we executed sells, with stops above the high of the...
I am heavily inclined on DXY death and for that reason, I have a bullish outlook on GOLD, although the majority of retail sees sells.
I will be looking to buy XAUUSD on Monday if we stay trading in and around the current price zone. I have marked out my buy target with a potential SL and TP you can use.
COT Data - 54% Long
RT region tested and rejected last night through Asia session, has come back up to retest and has hit a liquidity pool, potentially a fake downward move and now we'll see the real move, lets see for some more reaction.
We have now witnessed the first phase of the structure shift on XAUUSD. I will now be waiting for a second impulsive to the upside breaking the first level of structure to potentially confirm a new uptrend as illustrated.
COT Data - 54% Long