Never really trade the short time frames,
never really been good at judging them,
however price is fractal so ill give it a shot.
Price swept the liquidity on the lows
clearing out the stops (shown by trend line)
Target is an area i feel it should reach back into
for price stability.
Looking for yesterdays big range to get filled in,
giving me the ideal entry I'm looking for.
Risk reward is great on this one,
have other trades running so will probably use smaller lot sizes to manage risk.
Trying to catch some decline in this pair before the pound weakens and sells off.
As always this is just an idea and as many of you know, anything can happen.
Looking to get in at 113.206, this price is beneath the recent lows, I'm looking for it to clear these out and then move on down to around the 106.860 area. I wont be discouraged if it takes a little while to get to that point, however I strongly feel it will get to that area and fill in the previous inefficient price movement.
Optimal Entry - 113.206
Haven't been looking at gold Recently, which is why Im so late to catch this move,
however i feel it still has room to move and I hope i can get in to capture the rest of the move.
So, the recent decline we've seen since 07/11/16 looks fairly efficient on the DAILY.
However, It looks quite nice on the WEEKLY and appears as it wants to return to the low of a...
Possible retracement to fill the liquidity down into 1.32000 for a nice institutional level, beneath there lies a nice area of accumulation before the rally up off the trend line, this being the area I'm looking for it to return to and therefore fill the liquidity inefficiency and hit our target.
Risk Reward isn't too bad on this one, worth taking the chance for...