We expect the 4H to retrace and create a new HL before continuing to the upside, so currently sat on our hands until the 5M breaks to the upside and aligns with 4H idea. Will then look for an entry on the 1M timeframe!
Entry critera -
Choch
Failed supply
Liquidity taken
AOI
Having just broken a 4H high i expect price to retrace back down to form the next LH to then continue bullish. Depending on how price plays out i may take some counter trend sells into buys. Will look for a clean 5M market shift bearish then a 1M entry.
I trade reactively as appose to trying to predict where price is going. So as of now we are bullish. I also only use 3 timeframes. (Blackwatch academy). I monitor price on the 4H &5M, once they align i will then enter on the 1M if the opportunity presents itself.
Price is pulling back to a 15 minute order block (refined to 5 minute). I am looking for price to retrace and go long to fill previous imbalance marked as the outlined box. I then used fib golden zone to add extra confluence.
This is my first time trading XAU/USD so we'll see how it goes!
Price is pulling back to a 15 minute order block (also refined to 5 minute). I am then looking for price to retrace and fill in imbalance marked up as the outlined square. I also used fib (golden zone) for extra confluence.
I am not usually a gold trader this is my firdt ever gold markup so we'll see how it goes!
