Backtest - XAUUSD
Price returned to a strong area of resistance that has a lot of selling pressure.
The buying momentum slowed down to begin forming LH's and showed the first new LL which indicates a sell opportunity.
The HL formed for a trade opportunity after seeing the bearish engulfing and exhaustion on the M15.
Entry is at that exhaustion area and the SL is above the previous LH point.
Target is at the next significant support area which may show some struggle.
The buying momentum slowed down to begin forming LH's and showed the first new LL which indicates a sell opportunity.
The HL formed for a trade opportunity after seeing the bearish engulfing and exhaustion on the M15.
Entry is at that exhaustion area and the SL is above the previous LH point.
Target is at the next significant support area which may show some struggle.
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.