Right before the new week starts, I thought I should share this trade that I've already entered. I advice that traders who feel like jumping on this trade should wait for a confirmation that is inline with their trading strategy and models of their preference. Hoping everyone will have a profitable week. Happy Trading!
After Non-Farm Payrolls, XAUUSD (GOLD) mitigated the supply zone that was shared in the previous idea. We aim to go short until the indicated target is reached, but we need to ensure that all trades are managed accordingly.
GOLD has tapped into our main area of interest (AOI), this gives the opportunity to look for selling opportunities and as it stands it has successfully mitigated two areas of supply and we are currently waiting for the indicated supply zone to be mitigated. It is recommended that you wait for your specific confirmation model in order to execute this trade idea.
The market respected our minor demand area, however, the market broke the previous minor higher low presenting a change of market character and a supply zone above. We look to go short on this pair until the highlighted demand area at the bottom.
GBPJPY has a minor demand zone which may be more effective than expected since the pair is in a bullish order-flow, but regardless of the the minor demand zone we are presented with an area of demand that might be our main point of entry as we have liquidity above the demand area which makes the demand area more strong. What is more important is that we wait for...