This is a nice confluence trade.
WE have a structure breaker on the M15, together with a descending trendline.
Price came out to our supply/resistance area and gave us a short CT45LP pattern!
Price has broken daily range and is currently sitting at a 5 day support area. This softens the aggressive counter buy setup comfortably for a intraday scalp. CT45LP indicator is givng a buy signal. A super tight SL is necessary for this one since it is highly bearish! If you like the analysis, give me a like follow and a cheer!
Using previous sell idea, which got stopped out for a meagre 20 pips, i realized that we have a structural higher high to the left, which is a QM setup. This makes sense that CT45LP gave a signal and yet price spiked higher. I am selling on a basis of QM, together with my CT45LP indicator as confluence. SL is above the QM head high.
Yesterdays gold trade was superb! Although it did not hit target, we will try again on this trade.
Idea: QM was seen here on the M15 timeframe.
Validation: CT45LP at supply with rejection inside base.
PAL(profit and lock) area: SBR potential returning support area or EMA/BBMA extreme.
Price has shown sellers are in control with a structure breaker. Price comes up to supply area with CT45LP, a proprietary price indicator giving a sell signal.
It seems as if we have a nice rejection of the daily lows, rooting for price to pullback to at least 50% of ADR. This could be an easy trade if no hiccups were to happen. Trade was triggered off CT45LP M5 timeframe.
