Gold 4H Sell Continuation Idea 9/30/23At market close, price has closed below 50% of the 3/13/23 D B FVG, but price is in the top 50% of the 3/17/23 4H B FVG. PLUS price closed with a bearish engulfing on the 8H. Since price is in a downtrend I am looking for price to continue down another 300 pips to the 2023 yearly open. Depending on the type of trader you are I see 3 possible entries from where price currently is:
1. 4H S Fractal
If you trade fractals you should already be in this trade. You may see some pull back, but until I see some bullish pressure, I'm looking for price to continue a good 300 pips to the 2023 yearly open
2. 4H B FVG
If you are a counter trend trader, you can get a good 140+ pips out of a possible pullback to the 4H S FVG that has been created in the drop before market close Friday 9/29/23. If not stay out and wait for more sell confirmations to get back in the sell
3. 4H S FVG
If price does pull back, I'm not looking for more than a good 150 pips into the gap that was created at Friday market close. So from there you can catch the sell continuation down to the 2023 yearly open minimum. The next low is WAY below that.
As we know, price does what it wants to do, so be careful and wait on your confirmations. Happy Trading!!
