XAUUSD 27/8/23
XU is the first of our USD correlated pairs and from this you will see a very similar markup for all of the USD related pairs.
This setup is showing you we are looking for sell moves overall, BUT this range was created by a news events (Jackson hole) so we don't want to blindly follow the bias down when we know the news event ranges often prove many traders wrong, this is exactly why we don't jump in as we would with a normal trend move.
So as it stands we are looking at a news range that tells us we want to run the sw low, we will wait for price to tap into our POI if it is willing to deliver to it, once we get to the POI we are only entering if we see a clear confirm and breakdown in our favour.
Lets keep and open mind for this as we are fully aware of the probability of this playing out fully.
Remember to always read order flow and follow what price is showing you instead of trading based on your desired direction. And, as always, stick to your risk and your plan.
We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
This setup is showing you we are looking for sell moves overall, BUT this range was created by a news events (Jackson hole) so we don't want to blindly follow the bias down when we know the news event ranges often prove many traders wrong, this is exactly why we don't jump in as we would with a normal trend move.
So as it stands we are looking at a news range that tells us we want to run the sw low, we will wait for price to tap into our POI if it is willing to deliver to it, once we get to the POI we are only entering if we see a clear confirm and breakdown in our favour.
Lets keep and open mind for this as we are fully aware of the probability of this playing out fully.
Remember to always read order flow and follow what price is showing you instead of trading based on your desired direction. And, as always, stick to your risk and your plan.
We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
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