XAUUSD has been a pretty downtrend, since the break out at 1305.00.
Structure has not indicate a reversal, and is coming into contact with a weekly inside bar break out supply zone. I would hunt for short entries with stop loss at 1219.00. I would enter with a reversal candle, at least at a H4 time frame. There are a lot of selling pressure for XAUUSD, 1226.00, 1235.00, 1244.00 are all good supply zones to place short orders.
The strategy for entry is the same. I would hunt for short entries with a reversal candle in H4 or H1 time frame, and my stop loss will be just above the reversal candle.
Structure has not indicate a reversal, and is coming into contact with a weekly inside bar break out supply zone. I would hunt for short entries with stop loss at 1219.00. I would enter with a reversal candle, at least at a H4 time frame. There are a lot of selling pressure for XAUUSD, 1226.00, 1235.00, 1244.00 are all good supply zones to place short orders.
The strategy for entry is the same. I would hunt for short entries with a reversal candle in H4 or H1 time frame, and my stop loss will be just above the reversal candle.
Note
My trade is active. Entry is based on M30 inside bar. Stop loss just 200 points above entry.Trade closed: stop reached
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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.