MY THOUGHTS FOR XAU/USD
XAU/USD 1D - Okay as you can see price has broken structure to the downside here on the daily timeframes, this suggesting a large move to the downside. This is something I have been suggesting now for the past two weeks.
I was expecting this move to take place because of the hawkish bullishness we have had over the course of the last few months, with every impulse we need a correction, this is prices' way of correcting itself.
I have drawn a path above to show my thoughts on the market, I feel this bearishness is to continue but in order to continue pushing price lower we need to see price correct itself fractally, picking up more Supply in order to push price lower.
I will be looking for the next short opportunity, playing it safe only trading with the higher timeframe trend and majority traders, you could however look to capitalise on the fractal correction, this is down to personal preference.
I was expecting this move to take place because of the hawkish bullishness we have had over the course of the last few months, with every impulse we need a correction, this is prices' way of correcting itself.
I have drawn a path above to show my thoughts on the market, I feel this bearishness is to continue but in order to continue pushing price lower we need to see price correct itself fractally, picking up more Supply in order to push price lower.
I will be looking for the next short opportunity, playing it safe only trading with the higher timeframe trend and majority traders, you could however look to capitalise on the fractal correction, this is down to personal preference.
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