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Gold 4H Sell Continuation Idea 9/30/23At market close, price has closed below 50% of the 3/13/23 D B FVG, but price is in the top 50% of the 3/17/23 4H B FVG. PLUS price closed with a bearish engulfing on the 8H. Since price is in a downtrend I am looking for price to continue down another 300 pips to the 2023 yearly open. Depending on the type of trader you are I see 3 possible entries from where price currently is: 1. 4H S Fractal If you trade fractals you should already be in this trade. You may see some pull back, but until I see some bullish pressure, I'm looking for price to continue a good 300 pips to the 2023 yearly open 2. 4H B FVG If you are a counter trend trader, you can get a good 140+ pips out of a possible pullback to the 4H S FVG that has been created in the drop before market close Friday 9/29/23. If not stay out and wait for more sell confirmations to get back in the sell 3. 4H S FVG If price does pull back, I'm not looking for more than a good 150 pips into the gap that was created at Friday market close. So from there you can catch the sell continuation down to the 2023 yearly open minimum. The next low is WAY below that. As we know, price does what it wants to do, so be careful and wait on your confirmations. Happy Trading!!
FOREXCOM:XAUUSDShort
by cecedidit
XAUUSD Gold sell limit scalp test tradeAnd sure enough Price action did exactly what we were looking for price action to do. Typically I would move stops to break even and take partial profits here, however due to the fact I am taking a reduced lot size (0.01 lots as I am currently testing the trading style out) I will move stops to breakever at our BE line (1909) But I hope this was an educational post and demonstrates exactly how and what I look for in the market when taking trades, and as I sample more and more of these types of trades/entries I can look for ways to improve it.
OANDA:XAUUSDShort
by FriesianFX
XAUUSD 1H timeframe sellsWith the higher timeframes all being bearish, it would make most sense to be looking for sells, especially on the lower timeframes as we do not want to be fighting the trend unless we look on a smaller timeframe. Should we see price close below our key area of support at 1881.9 then I will look for a retest of this level where we can take a sell-limit and aim for a full TP of 1873. This does not mean we won't take partial profits and move stop loss to break even at 10+ pips as risk management is key! For buys I would need to see structure form on the lower timeframe, but right now with us being stuck in a range on higher timeframes it would be risky unless we aimed to trade within the range however something like this could take hours to play out.
OANDA:XAUUSDShort
by FriesianFX
XAUUSD Gold daily timeframe breakdownAs ever with gold, it's a staircase up and elevator down. Price has been bearish since the 8th of august with a new low being created, breaking the lows from June after the March pump and with a high amount of liquidity being grabbed there is definitely a chance for buys here. 1876 on the daily timeframe being respected would be a key area for the weekly candle to reverse/flip where liquidity is being grabbed from the downside and retesting 1900.
OANDA:XAUUSD
by FriesianFX
XAUUSD Gold daily breakdownIn yesterdays breakdown I mentioned we could see a push to 1903 and we saw that today. With price having tapped the support we last saw 2 months ago, there is a chance from here we continue down. Could we bounce? Absolutely, the question comes down to did we grab liquidity first. 1893 would be a potential level where we see liquidity being grabbed and price moving up. Keep in mind we still have not had a top wick form on the monthly candle for August, so there is liquidity to grab before price sells off down to 1800, but this isn't a guarantee, price can continue down no matter what. Linking to the DXY chart, if we see the 103.66 level reject then Gold should bounce off support and continue back up. Overall bias remains bearish with caution to the current support level.
OANDA:XAUUSDShort
by FriesianFX
XAUUSD Gold daily timeframe sellsAnother day, another crazy move down by gold. We are seeing a high amount of USD strength as Gold continues to drop through various support levels, the most significant one being 1939. Anticipation here is for gold to continue down to 1909 now, with NFP on friday and the ADP news today being better than expected, price continuing down would make sense but as always, we wait for confirmations. For those still in the daily sell swing trade posted two days ago congratulations on a $50 move.
OANDA:XAUUSDShort
by FriesianFX
Gold D Short Term Sell Idea 5/21/23The daily (D) has played out to the downside as I thought it would do if it was to break bearish at 50% of the D fair value gap (FVG) zone that it has been playing around in. Price has not hit the previous month low (PML) yet, but it should do that this upcoming week if price decides to continue bearish. As I predict that it will. If price does not continue bearish it will definitely continue bullish to take out/just tap previous month high (PMH) again. For the STRATers, the D has formed a 21 pattern and I anticipate that we will get a 2d to continue bearish at least into the 50% area of the W B FVG zone/breaker.
FOREXCOM:XAUUSDShort
by cecedidit