2022 Nov 17 XAUUSD *TRADE STOPPED OUT
Updated
Risk/Reward 4:1
Bias: SHORTS
Confluences for this trade is as follows:
MACRO
Weekly - Timeframe tapped into a major weekly key level @ price point 1780.000 zone
Weekly - During the timespan of Nov 29 2021 through Dec 13 2021 the market had supported said zone multiple times before creating a very big bullish impulse, thus
confirming said zone as a weekly key level.
Daily - A tweezer top price action was then formed from the previous 2 daily candles on this timeframe translated from the initial tap from the weekly timeframe, indicating
the first signs of bearish movement.
4h - During the events of Asia Session on Tuesday, the market rejected said key level (1780.00). Then supported off of the previous week's Daily zone, the same thing had
happened during London session, ultimately consolidating in between said zones.
4h - Once Wednesday finished up, throughout US session Gold pushed the market back down to the previous week's daily highs zone, and Asia session finally had broken
BELOW said zone, breaking AND closing below the previous 4h structural "higher low"(Previous higher low structure pointed out with a RED ARROW). Indicating a change
of market condition from BULLISH to BEARISH, this is translated as a bearish LEG in this timeframe (highlighted in YELLOW).
MICRO
15m - Wednesday's Asia session used as the entry zone.
15m - Thirty minutes into US session, price broke BELOW said key level then later retested it. (The break was due to POSITIVE fundamental news from the US economy)
5m - Bearish rejection candle closure used as entry point
Remarks: At 1330 UTC, news was released for the USD (US Jobless Claims via. FinancialJuice.com) and fundamentally came out as positive for the US economy, thus giving
BEARISH movement for XAUUUSD (Gold)
FUNDAMENTAL DATA: financialjuice.com/home
Bias: SHORTS
Confluences for this trade is as follows:
MACRO
Weekly - Timeframe tapped into a major weekly key level @ price point 1780.000 zone
Weekly - During the timespan of Nov 29 2021 through Dec 13 2021 the market had supported said zone multiple times before creating a very big bullish impulse, thus
confirming said zone as a weekly key level.
Daily - A tweezer top price action was then formed from the previous 2 daily candles on this timeframe translated from the initial tap from the weekly timeframe, indicating
the first signs of bearish movement.
4h - During the events of Asia Session on Tuesday, the market rejected said key level (1780.00). Then supported off of the previous week's Daily zone, the same thing had
happened during London session, ultimately consolidating in between said zones.
4h - Once Wednesday finished up, throughout US session Gold pushed the market back down to the previous week's daily highs zone, and Asia session finally had broken
BELOW said zone, breaking AND closing below the previous 4h structural "higher low"(Previous higher low structure pointed out with a RED ARROW). Indicating a change
of market condition from BULLISH to BEARISH, this is translated as a bearish LEG in this timeframe (highlighted in YELLOW).
MICRO
15m - Wednesday's Asia session used as the entry zone.
15m - Thirty minutes into US session, price broke BELOW said key level then later retested it. (The break was due to POSITIVE fundamental news from the US economy)
5m - Bearish rejection candle closure used as entry point
Remarks: At 1330 UTC, news was released for the USD (US Jobless Claims via. FinancialJuice.com) and fundamentally came out as positive for the US economy, thus giving
BEARISH movement for XAUUUSD (Gold)
FUNDAMENTAL DATA: financialjuice.com/home
Trade closed: stop reached
Conclusive Report:What ended up happening is that the market supported off of price point 1755.000 zone, which is a higher low structure from Monday, earlier this week. This trade had a high success probability rate with a number of strong confluences to support the bias, but ultimately is NOT 100%.
What to look for in the near future:
Tomorrow is the last day for this trading week and depending on how Asia and London session(s) play out I will still continue to look for SHORTS for tomorrow's US Session.
What I am predicting:
Price to tap into price point 1769.000 US ZONE and reject off of it before taking any SHORT positions.
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