Current open position on Gold, hour 4 orderblock coinciding with dollar weakness. Expecting a lot of bullish price action
based on XAUUSD's previous price action, it appears to be setting up for a selling model. I will aim to sell around the 1414 price with sl and tp at 1517 and 1185 respectively giving a 2.3R trade.
US Oil is currently at the end of its bearish movement? If we can find support here around the 61.8% retracement level, we would expect to see the bulls start taking over and potentially form an inverse head and shoulders. With the right shoulder lining up with the 61.8% level, this trade seams very promising!
Sky continuing bearish sentiment after a 61.8% retracement
After a long bearish period was followed by bullish retracement, we would expect to see a continuation of the bearish sentiment around the 61.8% level
Back-testing HEINEKEN to the start of 2011, following two supply and demand areas and bullish sentiment, in both cases a re-tracement of 61.8% was achieved. This would be the perfect place to enter.
Supply and demand area followed by sharp bullish movement before a long period of bearish sentiment. Once the new low was confirmed, a re-tracement up to the 61.8% was anticipated.