Gold long idea
Based on the weekly market structure the following statements can be made:
- Following the previous 3 week's trend, we are looking at a classic market maker dump&pump scheme.
1) price is dropping on Monday and thuesday.
2) On Wednesday price normally makes a fakeout to the downside, trapping breakout traders
3) Market makers pump prices to the opposite direction on thuesday, collecting the liquidity from the trend.
We have 5 confluences for bullish price action:
1) Price touched a 4h orderblock
2) Price broke below a previous low, creating a discounted price on Wednesday.
3) price created a triple wick rejection with bullish engulfing candle on the 1h chart
4) We have trapped volume from wednesday's New York session
5) selloffs are bought back instantly (seen on the 5m chart)
Trade wisely,
Peter
- Following the previous 3 week's trend, we are looking at a classic market maker dump&pump scheme.
1) price is dropping on Monday and thuesday.
2) On Wednesday price normally makes a fakeout to the downside, trapping breakout traders
3) Market makers pump prices to the opposite direction on thuesday, collecting the liquidity from the trend.
We have 5 confluences for bullish price action:
1) Price touched a 4h orderblock
2) Price broke below a previous low, creating a discounted price on Wednesday.
3) price created a triple wick rejection with bullish engulfing candle on the 1h chart
4) We have trapped volume from wednesday's New York session
5) selloffs are bought back instantly (seen on the 5m chart)
Trade wisely,
Peter
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.