Gold Long Trade
TRADE ANALYSIS STEPS;
Weekly Bias: Very bullish
Daily Bias: Bullish
4hr Bias: Bullishness starting to weaken. Looks to be more like a liquidity grab pullback than a full trend change at this stage though.
4hr Price Structure: There has been a CHoCH level break but there was large amounts of liquidity below this break that has been taken and price has given a decent bullish reaction from a 4hr OB zone.
4hr OB Zone: At this OB's creation point, price pushed bullish with a lot of momentum which gives this zone much more credibility.
1hr OB Zone: Price moved strongly bullish from a 1hr OB at 0100 and left behind a new very strong 1hr OB which sits at the bottom of the 4hr OB.
Liquidity: Price has swept multiple strong liquidity levels which can fuel a strong bullish move.
-Just above all the current price action are 2 previous all time high price levels and it would make sense for price to take out one or both of these levels before selling off.
-There are 2 decent liquidity lines within the Limit order zone for price to take before continuing bullish. At the TP target level there are 2 liquidity lines that I believe price should at least push to before potentially fading bearish.
Other Factors: At 0100 a Fed Speech caused a strong bullish moved which gives more weight to a bullish momentum shift and increases the strength of the 1hr and 4hr OB's
Weekly Bias: Very bullish
Daily Bias: Bullish
4hr Bias: Bullishness starting to weaken. Looks to be more like a liquidity grab pullback than a full trend change at this stage though.
4hr Price Structure: There has been a CHoCH level break but there was large amounts of liquidity below this break that has been taken and price has given a decent bullish reaction from a 4hr OB zone.
4hr OB Zone: At this OB's creation point, price pushed bullish with a lot of momentum which gives this zone much more credibility.
1hr OB Zone: Price moved strongly bullish from a 1hr OB at 0100 and left behind a new very strong 1hr OB which sits at the bottom of the 4hr OB.
Liquidity: Price has swept multiple strong liquidity levels which can fuel a strong bullish move.
-Just above all the current price action are 2 previous all time high price levels and it would make sense for price to take out one or both of these levels before selling off.
-There are 2 decent liquidity lines within the Limit order zone for price to take before continuing bullish. At the TP target level there are 2 liquidity lines that I believe price should at least push to before potentially fading bearish.
Other Factors: At 0100 a Fed Speech caused a strong bullish moved which gives more weight to a bullish momentum shift and increases the strength of the 1hr and 4hr OB's
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