Gold has made new lows at $1614.68 and now violently retraced back into $1631, all while I was asleep :D Now, here is what I see: Price is still HTF bearish and could return bearish in NY to retest the london lows. But, with the strong impulse reaction to the new lows, bears are fighting more bulls, so it could be more of a consolidation or bullish day as well; it...
I anticipated price to retest and break through the pre-ny high. Or if it couldn't, then price should return bearish on LTF as it is currently in a HTF downtrend - I saw the second scenario occur. Price failed to retest pre-ny high, and instead formed a resistance on the 30M (red circle). Then price closed below the London support, giving me a short bias. Once...
Here is my analysis based on price action during the Asia session and London session, it appears we are retracing after making new lows. This means we have a temporary relief of HTF bearish influence and can possibly expect to see some bullish price action today; but it is certainly more risky to buy than to sell gold right now given the current macro economic...
I am anticipating price to either form a LTF support to then continue bullish on the HTF; or, if price breaks down and closes below the support, price should continue bearish to retest Asia low.
Following up from my pre-trade analysis, here is the result. Did anyone else catch this trade?
I usually just review my trades privately but today I figured why not share if it helps someone else, or maybe someone has input that can help me too. The video is basically me reviewing a trade i took this week on gold (sept 22), and why i took it. I like to draw the candles out myself to consciously think about where price moves relative to the candles around...
Part of my Trading Plan requires me to wait until after NY open to place a trade. Analysis is 1H before NY open, reflecting on London session, and then I wait to see how NY open moves out of the gate. Remember to practice patience. But I hope this helps you, it is my analysis for the trade and why I had a selling bias.
I love this pattern. Entry was take on 15, once it made a lower wick then broke the previous 15M high.