Gold - Another Drop Incoming?
Updated
Currently, we have had a strong impulse followed by a slow retracement. The Impulse took out a major Low, showing Sign of Weakness (SoW) as the level couldn't hold.
We also have an M - which is a bearish pattern where we can expect a bearish reaction at the mitigation block (MB).
Additionally, the market is in an Optimal Trade Entry (OTE), where we can expect lower prices.
Gold also just filled in the Fair value gap (FVG) that needed to be filled, and from here we can look at bearish pressure.
We also have imbalance to the downside that also wants to get filled.
Target? We have 3 perfectly equal lows, which is a goldmine for banks as retail traders have their orders here. And since it's GOLD, we all know gold loves to manipulate retail traders, so therefore I'm looking for a Sweep (Stop loss raid) below the line to take out retailers Stop losses, causing a so-called trapped market.
Confirmation Summary: M formation, Impulse & Correction, SoW, We are inside OTE, FVG just filled, Imbalance, 3 Perfectly Equal Lows (SSL).
Should the setup fail and gold starts moving higher, I'm looking at the level above the M formation where it says BSL @1833.43, and the nice equal highs @1903.77 higher up.
The last Setup I posted on gold here on tradingview was a great success, as from where I posted the analysis it went straight to the pip of my target, with a downfall of 2300 pips. Now, I'm currently already in a sell position from 1791.525, and the trade is running nicely in 5R profit with stops at breakeven. Continuing to hold...
This is just my perspective and idea, do your own research :)
We also have an M - which is a bearish pattern where we can expect a bearish reaction at the mitigation block (MB).
Additionally, the market is in an Optimal Trade Entry (OTE), where we can expect lower prices.
Gold also just filled in the Fair value gap (FVG) that needed to be filled, and from here we can look at bearish pressure.
We also have imbalance to the downside that also wants to get filled.
Target? We have 3 perfectly equal lows, which is a goldmine for banks as retail traders have their orders here. And since it's GOLD, we all know gold loves to manipulate retail traders, so therefore I'm looking for a Sweep (Stop loss raid) below the line to take out retailers Stop losses, causing a so-called trapped market.
Confirmation Summary: M formation, Impulse & Correction, SoW, We are inside OTE, FVG just filled, Imbalance, 3 Perfectly Equal Lows (SSL).
Should the setup fail and gold starts moving higher, I'm looking at the level above the M formation where it says BSL @1833.43, and the nice equal highs @1903.77 higher up.
The last Setup I posted on gold here on tradingview was a great success, as from where I posted the analysis it went straight to the pip of my target, with a downfall of 2300 pips. Now, I'm currently already in a sell position from 1791.525, and the trade is running nicely in 5R profit with stops at breakeven. Continuing to hold...
This is just my perspective and idea, do your own research :)
Note
London broke structure to the upside, keep this setup on hold till we break back below to bearish BoS on a LTF, please! As of now the setup is invalid before we break back downNote
if the market pushes higher, I'm more interested in seeing the EQH get taken out where it say "$ BSL" and dive into the FVG that's resting above, Before going lower again. And I'm saying it again - wait for the 1775 level to be broken to the upside before we can short into the 3 equal lows.Note
Update from Aug 24, our BSL target was reached. We simply respected the area without manipulation, making this level even more tempting to manipulate or smash through, so I still expect another touch of this level soon.Good luck.
Note
Update from AUG 23 - after we broke to the upside we just continued up as expected even tho we never went down. We should see a manipulation on the BSL very soon. Keeping it as my Take profit for future Longs.if we break 1778.23 to the downside my take profit will be at the initial Take profit for shorts all the way down at EQL (SSL)
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