2023 Jan 20 XAUUSD
Updated
Risk/Reward 5:1
Confluences
Macro
Weekly - Previous Week candle closed above 1915.000 Weekly key level
Daily - Previous Daily candle closed above said weekly key level (1915.000) is key level zone is also the previous week's high
Daily - Initially, after rejecting both said weekly key level and previous week high twice throughout the week, yesterday's candle ended up closing above the key level zone
4h - Break and retest off of previous structural highs, currently the market is retesting the previous structural high. Thus, transitioning the market to a bullish condition market.
Micro
15m - Last week Friday's US session zone used as entry zone.
5m - Bullish support candle closure above said zone used as entry point.
Remarks:
Initially would have preferred the US session zones in this week's Monday's/Tuesday's US session zones for an entry. But regardless of that fact everything is as follows in terms of trading plan with this US session entry zone (last week's Friday's US session). No entry against any key level zones and trading with the trend!
Confluences
Macro
Weekly - Previous Week candle closed above 1915.000 Weekly key level
Daily - Previous Daily candle closed above said weekly key level (1915.000) is key level zone is also the previous week's high
Daily - Initially, after rejecting both said weekly key level and previous week high twice throughout the week, yesterday's candle ended up closing above the key level zone
4h - Break and retest off of previous structural highs, currently the market is retesting the previous structural high. Thus, transitioning the market to a bullish condition market.
Micro
15m - Last week Friday's US session zone used as entry zone.
5m - Bullish support candle closure above said zone used as entry point.
Remarks:
Initially would have preferred the US session zones in this week's Monday's/Tuesday's US session zones for an entry. But regardless of that fact everything is as follows in terms of trading plan with this US session entry zone (last week's Friday's US session). No entry against any key level zones and trading with the trend!
Comment
Markets have now closed, will continue to hold over due to 4 hourly not closing below the previous structural high.Trade closed: stop reached
Trade did not play out as intended
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.