XAU/USD 20 May 2024 Intraday Analysis
H4 Analysis:
Analysis/Bias remains the same as yesterday's analysis dated 19 May 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
We have nested Daily and H4 supply levels where price is expected to initiate pullback, which price did.
As previously mentioned, CHoCH was positioned at quite a distance away from current price, therefore, there was a possibility price could engineer a CHoCH closer to current price to indicate initiation of pullback. Price has did this.
We are again seeing a reaction to nested Daily and H4 supply levels where price could pull back deeper.
I previously commented that price to continue bullish and react at nested Daily and H4 supply levels, which price did.
Previous intraday expectation was for price to react at nested Daily and H4 demand where it is expected that price will pull back to discount of 50% EQ or H4 demand levels.
Price has reacted deep in to Daily and H4 supply levels but unable to close above.
The wicking up and closing below could potentially mean a liquidity grab so price can initiate pullback as CHoCH has now been repositioned even closer (than previous) to current price action.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a further bullish iBOS.
After iBOS price is expected to pull back.
First indication, but not confirmation of pullback initiation is for price to print a bearish CHoCH. Price has printed a bearish CHoCH which is denoted with a blue dotted line.
Intraday Expectation: Price to react at M15 demand zone to initiate pullback. Price to pull back to either discount of 50% EQ or M15 demand zone before targeting weak internal high.
*CORRECTION* - Typo error as mentioned on 17 May 2024 Trade idea would only be invalidated if price breaks and closes BELOW internal low which was the blue dashed line. Trade idea would have been invalidated as order flow is bullish.
M15 Chart:
Analysis/Bias remains the same as yesterday's analysis dated 19 May 2024.
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a bullish BOS.
After bullish BOS, expectation is for price to pullback.
We have nested Daily and H4 supply levels where price is expected to initiate pullback, which price did.
As previously mentioned, CHoCH was positioned at quite a distance away from current price, therefore, there was a possibility price could engineer a CHoCH closer to current price to indicate initiation of pullback. Price has did this.
We are again seeing a reaction to nested Daily and H4 supply levels where price could pull back deeper.
I previously commented that price to continue bullish and react at nested Daily and H4 supply levels, which price did.
Previous intraday expectation was for price to react at nested Daily and H4 demand where it is expected that price will pull back to discount of 50% EQ or H4 demand levels.
Price has reacted deep in to Daily and H4 supply levels but unable to close above.
The wicking up and closing below could potentially mean a liquidity grab so price can initiate pullback as CHoCH has now been repositioned even closer (than previous) to current price action.
H4 Chart:
M15 Analysis:
-> Swing: Bullish.
-> Internal: Bullish.
Price has printed a further bullish iBOS.
After iBOS price is expected to pull back.
First indication, but not confirmation of pullback initiation is for price to print a bearish CHoCH. Price has printed a bearish CHoCH which is denoted with a blue dotted line.
Intraday Expectation: Price to react at M15 demand zone to initiate pullback. Price to pull back to either discount of 50% EQ or M15 demand zone before targeting weak internal high.
*CORRECTION* - Typo error as mentioned on 17 May 2024 Trade idea would only be invalidated if price breaks and closes BELOW internal low which was the blue dashed line. Trade idea would have been invalidated as order flow is bullish.
M15 Chart:
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