XAUUSD In the daily timeframe, market took out BSL and failed to body close above. Moving into the 4H timeframe, to support the idea of a failure to break higher, we can see that market closed as a Doji(market indecision). Dropping into the 5M timeframe, we can see 1. Sharp Turn(ST) strategy 2. Bullish rejection candle(respected) 3. FVG inversion. I believe this would be a strong enough evidence for market to retrace lower before another move higher.
Potential Scenario:
1. 15M timeframe, market will disregard a analysis and immediately shoot higher for ATH.
2. Market will commence a retrace towards the recent 4H FVG to fuel a move higher to create a new ATH.
3. Market will commence a retrace towards the recent Daily FVG to tap the low probability daily OB to fuel a move higher to create a new ATH. Also to fill the 4H volume imbalance in between.
Note
Above is a a detailed idea on the 5M timeframe when I talked about ST and FVG inversion. However, do also take note of the 15M 'green' area which resistance might turn support for the market to continue the bullish momentum without retracement.
Note
From the 1M and 5M chart we can that the trend line has been broken, looking for a retest before entry.
Note
In view of the new week to come, if the market fails to create a ATH and got rejected, this chart above will be what I will be looking at for retracement. Expect the market to firstly tap into both 4H FVGs and ultimately target the Daily FVG for mitigation before continuation upwards.
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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.