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Gold has been preforming very well for a while, and especially it has shown real strength during COVID-19. It looks like we had a breakout of this pennant that could lead us up even further if continuation is to be expected. Perhaps not until after we fill this price inefficiency gap that has been formed? Let's look for a long setup to enter this potential gold uptrend we have starting here with the assumption that this new gap gets filed.
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1. Fractal Trend is showing an uptrend (Aqua bar color) on the 15 minute timeframe. This represents an uptrend since before the breakout.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua) and/or bullish S/R levels plotted by Directional Bias (Aqua).
3. The play here is to take a long entry at the retest of the S1 support range cluster that contains a bullish orderblock and prior S/R flip (Aqua lines).
4. The target for this move is R2, although we will exit if our stop is hit or if fractal trend changes color.
5. We have placed a stop just below the bullish support cluster that contains the order block and S/R flip (Aqua lines) with the assumption that price will be supported there and previous resistance will become the new support.
Like, Comment & Follow to help the community grow 🎉🎉
---
Gold has been preforming very well for a while, and especially it has shown real strength during COVID-19. It looks like we had a breakout of this pennant that could lead us up even further if continuation is to be expected. Perhaps not until after we fill this price inefficiency gap that has been formed? Let's look for a long setup to enter this potential gold uptrend we have starting here with the assumption that this new gap gets filed.
---
1. Fractal Trend is showing an uptrend (Aqua bar color) on the 15 minute timeframe. This represents an uptrend since before the breakout.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua) and/or bullish S/R levels plotted by Directional Bias (Aqua).
3. The play here is to take a long entry at the retest of the S1 support range cluster that contains a bullish orderblock and prior S/R flip (Aqua lines).
4. The target for this move is R2, although we will exit if our stop is hit or if fractal trend changes color.
5. We have placed a stop just below the bullish support cluster that contains the order block and S/R flip (Aqua lines) with the assumption that price will be supported there and previous resistance will become the new support.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.