2022 Dec 06 XAUUSD
Updated
Risk/Reward:
POSITION 1
- TP 1 R/R 5:1
- TP 2 R/R 9:1
POSITION 2
- TP 1 R/R 6:1
- TP 2 R/R 9.6:1
Bias: SHORTS
Confluences for this trade is as follows:
Macro
Weekly - Wick rejection off of 1803.500, which is the previous week high and Weekly key level.
Daily - Evening star price action translated from the initial wick rejection on the weekly timeframe
Daily - Yesterday's daily candle closed BELOW the recent structural daily highs, an indication of a change of character within this market timeframe.
Daily - Yesterday's daily candle also closed below another weekly key level @ price point 1780.000.
4h - Double top market structure off of 1803.500 weekly key level, translated from the initial wick rejection from the weekly timeframe ASWELL as the evening star price
action on the daily timeframe. (Circled in RED)
4h - market structural retest off of neckline from the said double top pattern.
4h - this timeframe also retested off of the weekly key level @ 1780.000, thus creating a new structural lower high. An indication of a change of market condition from
bullish to bearish.
Micro
15m - market timeframe's last week Wednesday's Asia and Friday's US session zone(s) used as entry zone for POSITION 1.
15m- Last night Monday's Asia session zone used as re-entry zone for POSITION 2.
5m - Awaited for 5m rejection bearish candles on BOTH positions for entry point.
Remarks: Very technical trade(s) placed today with no real major news today really affecting the charts. If trade(s) stopped out then its just another technical probability loss, because all trading rules/steps were followed..
POSITION 1
- TP 1 R/R 5:1
- TP 2 R/R 9:1
POSITION 2
- TP 1 R/R 6:1
- TP 2 R/R 9.6:1
Bias: SHORTS
Confluences for this trade is as follows:
Macro
Weekly - Wick rejection off of 1803.500, which is the previous week high and Weekly key level.
Daily - Evening star price action translated from the initial wick rejection on the weekly timeframe
Daily - Yesterday's daily candle closed BELOW the recent structural daily highs, an indication of a change of character within this market timeframe.
Daily - Yesterday's daily candle also closed below another weekly key level @ price point 1780.000.
4h - Double top market structure off of 1803.500 weekly key level, translated from the initial wick rejection from the weekly timeframe ASWELL as the evening star price
action on the daily timeframe. (Circled in RED)
4h - market structural retest off of neckline from the said double top pattern.
4h - this timeframe also retested off of the weekly key level @ 1780.000, thus creating a new structural lower high. An indication of a change of market condition from
bullish to bearish.
Micro
15m - market timeframe's last week Wednesday's Asia and Friday's US session zone(s) used as entry zone for POSITION 1.
15m- Last night Monday's Asia session zone used as re-entry zone for POSITION 2.
5m - Awaited for 5m rejection bearish candles on BOTH positions for entry point.
Remarks: Very technical trade(s) placed today with no real major news today really affecting the charts. If trade(s) stopped out then its just another technical probability loss, because all trading rules/steps were followed..
Trade active
Partial Profits has now been claimed for both positions, and stops for position 1 moved into profit.. Thus liquidating risk for position 2, minimizing risk.Trade active
Position 2 partial profit placed, and stops moved to breakeven. Along with Position 1's stops moved further into profit. Risk further minimized.
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.