Since Apr 22nd, XAUUSD has been in a Trading Range. Hence, I`m looking for opportunities to buy low and sell high, with a scalping target (50% of ATR14).
I watched Gold fall during last week, where the bulls failed twice to push prices higher (H1 and H2). Now this next week it`s very probable that we`ll see at least another try (H3), which will have a higher probability of resulting in a leg up towards the minor bear TL.
With that said, I`ll be watching for a bullish signal bar and trade long at the break of its high.
I watched Gold fall during last week, where the bulls failed twice to push prices higher (H1 and H2). Now this next week it`s very probable that we`ll see at least another try (H3), which will have a higher probability of resulting in a leg up towards the minor bear TL.
With that said, I`ll be watching for a bullish signal bar and trade long at the break of its high.
Note
Adding more insights on why I want to take this trade:-H1 didn't make sense because there was a Wedge Top, so the bulls tried to push to the ATH 3 times and failed so a bigger bear leg was expected.
-H2 was also a Double Bottom with a previous swing low, but the signal bar was an inside bar that followed a big bear bar, so the trade would have poor RR. Besides that, the GAP to the EMA was too small.
-H3, on the other hand, is the third time the Bulls are trying to end the bear trend from the Jun 15th. The bear trend also accelerated, creating a bigger gap to the EMA, and making a case that a bigger correction is near.
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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.