2022 Nov 22 XAUUSD
Updated
Risk/Reward 3:1
Bias: SHORTS
Confluences for this trade is as follows:
Macro
Weekly - Last Week's candle heavily rejected 1780.000 Key zone, an indication of bearish market condition on the lower Macro timeframes (Daily/4h)
Daily - Continuation off of previous week's retracement
Daily - Strong bearish candle closure of the previous day's candle, thus closing BELOW the Weekly key zone AND previous week's low @ price 1750.000. Indicating a strong
confirmation from said retracement.
4h - During the events of yesterday's US/Asia Session(s), Gold created a new 'Lower Low" structure indicating a continuation from last week's bearish market condition
(BEARISH TREND). Therefore expecting price to create a new 'Lower High' structure upon US Session open today. Ultimately continuing off of last week's Downtrend.
4h - Last night's London session tapped into the Weekly Key zone @ price 1750.000, which is also the previous week's daily lows. This is translated as a new creation of
a new 'Lower High' structure on this timeframe chart.
Micro
15m - Yesterday's US session zone used as entry zone
15m - Clean break and retest off of said zone
5m - Bearish rejection candle closure as entry point
REMARKS(What to expect in the near future): Yesterday Gold heavily rejected off of price 1734.000 which is an important Daily Key zone(Circled in RED). So we may expect price to continue that support and change market conditions from bearish to bullish in the near future. Of course if market breaks below it, then bias will continue to be SHORTS.
Bias: SHORTS
Confluences for this trade is as follows:
Macro
Weekly - Last Week's candle heavily rejected 1780.000 Key zone, an indication of bearish market condition on the lower Macro timeframes (Daily/4h)
Daily - Continuation off of previous week's retracement
Daily - Strong bearish candle closure of the previous day's candle, thus closing BELOW the Weekly key zone AND previous week's low @ price 1750.000. Indicating a strong
confirmation from said retracement.
4h - During the events of yesterday's US/Asia Session(s), Gold created a new 'Lower Low" structure indicating a continuation from last week's bearish market condition
(BEARISH TREND). Therefore expecting price to create a new 'Lower High' structure upon US Session open today. Ultimately continuing off of last week's Downtrend.
4h - Last night's London session tapped into the Weekly Key zone @ price 1750.000, which is also the previous week's daily lows. This is translated as a new creation of
a new 'Lower High' structure on this timeframe chart.
Micro
15m - Yesterday's US session zone used as entry zone
15m - Clean break and retest off of said zone
5m - Bearish rejection candle closure as entry point
REMARKS(What to expect in the near future): Yesterday Gold heavily rejected off of price 1734.000 which is an important Daily Key zone(Circled in RED). So we may expect price to continue that support and change market conditions from bearish to bullish in the near future. Of course if market breaks below it, then bias will continue to be SHORTS.
Trade closed: target reached
Comment
Since price had supported off of price 1734.000, (one of the key points I pointed out in my remarks). We can now expect Gold to transition to a bullish condition market in the near future. Although it is Thanksgiving tomorrow here in the US, so I will not be expecting high volatility for tomorrow.Happy Thanksgiving Traders!
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