'Gold' was consolidating during asian session, made its manipulative move when London opened, ending up forming a
double top on a major structure, before continuing its supposed push phase.
There's a high chance that price might react from 1.73500's psychological level, only to finish its major corrective move and to begin an impulse one, to the downside.
Going to the lower timeframes, we can expect to see price giving signs of a reversal, from that key level, breaking previous structure lows. But, before that, price might be manipulative....
A good probable setup for EURJPY.
Throughout the week, wait and pay attention for market structure and price action to develop. Apply confluence, as well.
Price broke through a major ascending channel, as well as a major structure, which tells us that sellers are in control of the market.
We can expect, at least, a 4H rejection of this structure. If so, scale down to lower timeframes in order to look for potential entries.
On a long term, we're also looking for sells, which is another great confluence to be added....
Following the previous analysis, I managed to take profits along the way and, most importantly,
secured them by making this trade a free-risk one. Price tested our major trendline structure (more of an area than just a line), almost hitting
'TP'.
Could have waited for a lower high formation, but the wick rejections might tell us otherwise.
Also, we expect a...
Descending channel.
Price was correcting , making a lower high, until momentum kicked in, breaking through previous structure lows and the 'bear flag'.
It should respect the higher timeframe's channel, since it has been doing it for the past several days. So, odds are on our side.
We should then expect a reversal, only confirmed by price breaking previous...
Price tested a major structure, therefore we can expect price to reverse.
If so, it should break through previous structure high, breaking the descending channel as well.
If not, just adapt!
GBPUSD
A simple, yet powerful 'Break and retest strategy' alongside 'correction' moves make, for me, the best confluence one can have.
Clean naked chart, Market structure and Price Action, baby!
Buy Bias, after break of previous structure low.
