Looking to Buy Gold off of 2 choices. I believe the market is showing that it wants to push higher (based on the weekly) and we could see some strong momentum going into the week and coming weeks.
Just like with ETHUSD, BTCUSD is approaching a decision area. Will there be enough momentum to push through creating HH HL or will the market RBD? More evidence from the daily and weekly perspectives shows that the bearish momentum is stronger. Divergence is being seen between the price action chart and the oscillator.
From the Daily cloud view, we can see that the associated price action is at an indecision area. The Kijun Sen is starting to point down, Cloud Span A is pointing down along with Cloud Span B and the Kumo is red as a result. Seeing divergence between the Cloud price action and the oscillator.
Going up to the weekly you can see that the market is bearish below...
Just to expand on the previous chart. I have applied the FxAST trading system to this and we can see that we are approaching an area with strong resistance (black line inside of supply zone). This is a confluence area that associated price action must breakthrough. The below oscillator isn't as strong as I would like to see but we still have some time before...
Looking at a couple of things that I believe could happen with ETHUSD. The above supply zone area (stacked) shows there is still some liquidity there for the market to push up (FO) and then break back down. The possibility also that there is enough bullish momentum to break through (creating swap zone) and then push potentially to a new higher high.
Gold, play will be between the 20 and 13 if price breaks above KEY. If the price stays below KEY, looking to short 1727.20 and then 1678.00.
Rejection off of 20 looking to short from a higher price to those levels.
I didn't like the zones as much as I liked them from the 2H level (Orange/Yellow - 2H zones with aqua BL). What I find interesting is that the BASE AOI has a lot of interesting bits of information inside. You can see at the 1H level a nice prior zone now SWAP that price is playing with the 1H BL as support. I am still looking for associated price action to stay...
I have just added my own rolling Fib-based trading strategy to the chart to show how it played out with the SND zones. Also, the Oracle is added there as well for trend confirmation.
I have updated the USDJPY SND zones as associated price action has continued to progress. Still keeping the bottom 4H zone (grey) but have created new 1H zones based on associated price action. 1H zones = orange with orange baseline & 4H zones = grey with black baseline. *Note - zones, where associated price action has passed through, are now SWAP zones. I am...
