2023 Jan 17 XAUUSD
Updated
Risk/Reward
TP1 ~ 3:1
TP2 ~ 5:1
Confluences
Macro
Weekly - Market timeframe rejecting a key weekly structural low @ around price zone 1920.500, ***NOTE that this area is NOT NECESSARILY a weekly key level zone BUT, should be aware of it.
Daily - Price action indicated that bullish exhaustion is present in the market. Due to the previous daily candle rejecting the daily key level and previous week high @ price zone 1920.000, closing below it upon the start of today's trading session.
4h - Structurally, this timeframe has transitioned into a bearish condition market. Due to the creation(s) of new lower-high and lower-low, this is translated from the Daily timeframe Currently, the market is retesting the previous structural low.
Micro
15m- Yesterday's/Monday's US session zone used as entry zone.
15m/5m - Bearish rejection candle(s) used as entry point
Remarks:
This is in-fact a COUNTER-TREND trade, due to 4h and Daily timeframes being OVERALL an UPTREND. This trade is to capture the retracement on said timeframes. But then again due to this fact, this is what will potentially cause the trade to become stopped out.
TP1 ~ 3:1
TP2 ~ 5:1
Confluences
Macro
Weekly - Market timeframe rejecting a key weekly structural low @ around price zone 1920.500, ***NOTE that this area is NOT NECESSARILY a weekly key level zone BUT, should be aware of it.
Daily - Price action indicated that bullish exhaustion is present in the market. Due to the previous daily candle rejecting the daily key level and previous week high @ price zone 1920.000, closing below it upon the start of today's trading session.
4h - Structurally, this timeframe has transitioned into a bearish condition market. Due to the creation(s) of new lower-high and lower-low, this is translated from the Daily timeframe Currently, the market is retesting the previous structural low.
Micro
15m- Yesterday's/Monday's US session zone used as entry zone.
15m/5m - Bearish rejection candle(s) used as entry point
Remarks:
This is in-fact a COUNTER-TREND trade, due to 4h and Daily timeframes being OVERALL an UPTREND. This trade is to capture the retracement on said timeframes. But then again due to this fact, this is what will potentially cause the trade to become stopped out.
Trade closed manually
Overall target nearly met, all positions closed.
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