7 Dimension Analysis For GOLD /XAU 😇 7 Dimension Analysis
Time Frame: Daily
1️⃣ Swing Structure: Bullish
🟢 Structure Behavior: A bullish Choch was completed on July 18th.
🟢 Swing Move: After Choch The corrective phase is nearing its target zone.
🟢 Inducement: Waiting for a reversal inducement to confirm the low and enter an impulsive move.
🟢 Pullback: Following a substantial corrective swing, the first impulsive pullback has occurred, showcasing notable strength based on historical data. Extreme Order Block has been mitigated, providing a favorable demand signal.
Time Frame Confluence: Daily and Weekly
🟢 Internal Structure: A bullish Choch has been established, and the corrective move has been completed.
🟢 Trendline Breakout: The initial signal for entry or exit is a trendline breakout. Currently awaiting a breakout above trendline resistance and CIP (Change in Polarity).
🟢 Chart Patterns:
A reversal pattern of a Head and Shoulders formation is evident.
An upside breakout from the Falling Wedge pattern will confirm the setup.
🟢 Candle Patterns:
Relevance is observed, confirming the demand zone based on various studies.
Doji: Gravestone
Momentum: A strict engulfing pattern; there seems to be FOMO selling at this point.
Inside Bar: Today's candle is inside the previous momentum
candle and forming gravestone candle.
Climax players appear to be entering the market, potentially indicating FOMO selling at the support trendline.
3️⃣ Volume:
Significant volumes are evident throughout the entire move, suggesting a significant event. Despite substantial volume, price movement remains subdued. This volume divergence could imply an impending sharp move upon breaking above the resistance trendline. Volume during the entire swing cycle is impressive.
4️⃣ Momentum RSI:
🟢 Zone: Currently in a sideways zone.
🟢 Range Shift: Shifting from Bearish to Sideways, finding support at the 40 level.
5️⃣ Volatility Bollinger Bands:
🟢 A Headfake-type formation is emerging at the swing high, although it is yet to be confirmed.
🟢 The last leg is expected to start, with a high likelihood of initiating a reversal.
6️⃣ Strength ADX:
According to ADX, the market is mostly sideways, with bears holding a slight advantage over bulls.
7️⃣ Sentiment ROC:
The Rate of Change indicates that Gold is stronger than USD, providing clarity in sentiment.
✔️ Entry Time Frame: H1
✅ Entry TF Structure: Bearish, yet the move is nearing completion, potentially prompting a reversal.
☑️ Current Move: Impulsive, waiting for confirmation through internal bullish choch or trendline breakout.
☑️ Candles Behavior:
Observing Record Session Count, Longwicks, Doji, Inside Bars, and Momentum patterns, all suggesting possible reversals.
☑️ FIB Trigger Event: Already occurred, indicating a swing liquidity sweep.
☑️ Trendline Breakout: Awaiting confirmation.
☑️ Final Comments: Plan to buy upon trendline breakout.
💡 Decision: Buy
🚀 Entry: Approximately 1934
✋ Initial Stop Loss: Placed at 1911, to be trailed to 1920 once price surpasses 1938. Additional position to be added in gold.
🎯 Take Profit: Initial target at 1999, considering secondary exits based on changes in internal structure or trendline breakout, including potential FOMO action.
😊 Risk to Reward Ratio: 1:5
🕛 Expected Duration: 20 Days
Summary:
The comprehensive analysis indicates a bullish swing structure with potential impending reversals. Various chart patterns, candlestick formations, volume dynamics, and momentum factors are considered for this analysis. The planned entry strategy involves awaiting a trendline breakout. The expected trade duration is 20 days, with a risk-to-reward ratio of 1:5.
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