FriesianFX

FriesianFX

Sure enough Asia session was low volatility as mentioned last night, with price barely moving at all in 6 hours. Sells are still on, we will need to see price close below the sell level and watch out for a retest of 1903 before continuing down to 1895 Should price reject 1903, I can see the following scenario play out where price retests 1912, creating short term...

FriesianFX

With sells still being the primary bias, we can look for sells at 1901 down to a potential 1895 where we may see rejection and price bounce towards the 1920 level. I wouldn't be taking sells during asia session purely down to the fact it's unlikely we have volatility given no news from the US yesterday but anything can happen in these markets.

FriesianFX

In 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...

FriesianFX

With gold selling off it's always worth taking a look at DXY. DXY is good for a reference on possible signs of strength/weakness so we can plan ahead with gold. So taking that into account, it's clear there is enough strength in DXY for the 103.66 level which I had mentioned on July the 24th (Linked idea) after creating support in the 90's

FriesianFX

From the chart earlier where we were looking at sells we have seen price close below our level. As it was at the start of the New york session, ther was enough volume for price to continue driving so we took sells, and once price pushed 15 pips down we took partials and moved stops to break even.

FriesianFX Updated 

Looking at the 15m and 5m gold timeframe we can see potential scalps going both ways here. Looking to scalp gold on the 5m timeframe, sells are looking a lot more probable for me but I wouldn't shy away from buys if we can see a break of the 1917.653 level, followed by a liquidity grab towards 1915.874.

FriesianFX

overall compared to last friday not much has changed on the daily timeframe. We have a weak bullish candle print to close the week off, despite a pump from the news released on Friday price continued to make it's way down and overall the target remains the same as what we saw on the weekly, expecting a liquidity grab at 1870 before price bounces and moves back up....

FriesianFX

Another bearish week, another closure below a key level on the weekly. The close below 1917.318 is key because this was a previous level of support when looking back over the past 3 years. With this in mind, when we have seen the weekly candle close below this level there is a high probability of price driving down to 1873, with some resistance at the 1900 level...

FriesianFX

based on the levels after news we can safely look at 2 key levels where price can go either way. I do not marry a bias, I am very much here to scalp so for that reason I'm fluid with direction. We have had 1 win already today which was posted 2 hours ago, a second one to close the week off would be great from here.

FriesianFX Updated 

Curently looking at buys on the 1h timeframe for a scalp, and then further buys should we see gold close above 1920 on the 1h time frame with anticipation of the 4h candle flipping after a bottom wick forming.

FriesianFX

Looking at the breakdown of why the trade we took earlier that was marked with a buy limit line based on closure of HTF candles so that we can use this to learn from and add to our experience. Overall a very good thursday, tomorrow is another day and we do it again.

FriesianFX

A very interesting post-CPI and unemployment claims market, with bad numbers for the USD causing gold to spike up towards 1928 and then retracing the entire way and closing bearish. The orange comments have been left in as they are still relevant but overall, I still expect price to continue down to the support at 1900 to fill the range on the daily timeframe.

FriesianFX

4h candle has closed bullish above a key level of support turned resistance, now on the lower timeframes we can look for entries based on price action for liquidity to sweep recent lows and move up above 1932+

FriesianFX

With CPI and Unemployment claims news out of the way, volatility has played its part and given us a range to assess price with. What we may have just seen was a liquidity grab to the upside for price to continue down, if this is the case we will see a bottom wick form on the daily time frame for price to continue down.

FriesianFX Updated 

Similar to yesterdays trade, we're looking to take another trade testing out this strategy I am working on. If gold 1h candle can close above the purple line 1921.738 then I will have a buy limit set at 1920.259 It is a very circumstantial trade, but that is why I am currently live testing it and keeping journal of them in the form of these posts so that...

FriesianFX

Following yesterdays analysis, it looks like price action is following our bearish path expectations where price closed below support, created it's own support and is retesting the previous support as resistance before continuing down. With news today in mind - buys would have to be 2-3 ranges above current price point, however looking back at the daily timeframe...

FriesianFX

Gold closed below the 1922.62 support level - in the past when price has closed below here we see price tap 1903 With this in mind, the most optimal trade entry would be taking a sell at 1927 - why? because if you look at price action in the past, there is always a tap on that price level as price moves down and we haven't seen that yet. Keep in mind we have...

FriesianFX

Yesterdays buy that we were testing the method of ended up being a success. This is good, but it's only one case out of many more to come. The overall theory of the trade was price breaking out of a range where there was strong support, tapping into a level that we had tapped before with anticipation that price would move back to the top of the range where our...