XAUUSD is going to choke it
Updated
Price is consolidating after a downtrend, which indicates that the price is going to continue moving downward.
To prevent my trade from getting stopped out, I first need to find an area of liquidity, which a line that's above the high of that consolidation period. You can see where I have identified it in the chart above.
As for the TP level, it's pretty easy to spot. Just look for the uttermost bottomed close that price established. You don't look for a WICK's end, you look for the CLOSE's end.
And that is it for today!
Entry: 1948.291
SL: 1960.085
TP: 1881.545
To prevent my trade from getting stopped out, I first need to find an area of liquidity, which a line that's above the high of that consolidation period. You can see where I have identified it in the chart above.
As for the TP level, it's pretty easy to spot. Just look for the uttermost bottomed close that price established. You don't look for a WICK's end, you look for the CLOSE's end.
And that is it for today!
Entry: 1948.291
SL: 1960.085
TP: 1881.545
Note
Ok, so I am seeing the Wyckoff pattern at play here.
Price experienced a downtrend, then a consolidation period, right?
Well, the price made a false breakout below the consolidation area. That, I think, is actually telling us that its one of the Wyckoff market phases, which us a "Spring".
Therefore, we can easily line out the rest of the prior Wyckoff phases to date. Price had a "markdown", then "accumulation", and a "spring". Price can produce an uptrend, or a "markup", from there
Moving SL to breakeven
Note
Second Scenario
The recent Heiken Aishi candles showed that the uptrend isn't going great, as it showed a lot of wicks.
It also didn't exceed the previous high, denoting a downtrend market structure.
I'm still gonna move SL to breakeven, as the entry price is still way above the current high.
Note
Hope the Ask price doesn't trigger the SLTrade closed: stop reached
Starting to think that the trade could've won if I didn't change the SL, but it's fine.
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