I have been keeping my eye on this for awhile! I believe last week we had a market maker candle downward with Japan's policy shift last week. We have a FVG right above the last few daily candles I would like to see filled for taking a position downward. Here is my speculative 6 month outlook
Possible double top incoming but I would like to see a 50% retracement from here. Possibly hitting fair value gap below.
Great long term entry area for the next 90 days. Possible lower low before retracing up.
GLD reversed after filling FVG from June 30th, and respecting the new FVG created. The chart is really unbalanced since the low on NOV 10th. Looking for a retracement to $157 area before returning upward.
On Friday it closed after respecting a FVG from NOV 10th. It is highly unbalanced from last week. If it keeps to traditional rules with major indices I would like to see those gap downs filled before continuing further down. Bullish going into next week till about mid week, then would look for long term short entry.
Possible market shift last week. Ending Friday on a bit of consolidation before making a move higher or lower I'm looking for a breaking in a recent high/low to take out the buy/sell stops. May enter long at the beginning of the week and watch to see a continuation up or a reversal for a lower low.
Last week was extra volatile, but this is what I perceive as the characteristic of the algo, finding higher highs and lower los taking out liquidity.
We are approaching a fair value gap from July 30th 2020. I would like to see a reversal here.
Just trying an idea based off training I just did on ICT youtube. I think today took out the previous liquidity from higher highs in the past and we will return all the way down to retest the initial low and take out that liquidity. This is just for training and data only. Link to training video. www.youtube.com
Wanted to share an update to the first post. It followed my line all the way to the liquidity and stopped short of my target box, than ran down to the lower Fair Value Gap. Right now all the liquidity sits above due to the rapid draw down.
Long term divergence across the weekly chart, multiple rejections at this price level spanning back to April. We could see a run to 94.0 to get the last Fair Value Gap if it breaks the resistance. Otherwise, RSI would say it's running out of steam.
Based off liquidity take outs and a mix of trendlines. If it is in a true uptrend I would like it to take out .686 zone. If it doesn't go in this direction I would like to think it will to the fair value gap below.