Buy up to potential sell zone?
Good afternoon traders,
Previously I have posted an idea here 5hr ago but was taken down due to violations of some rules due to advertising. My bad on that, but let me repost what I have analyzed and elaborate what has played out since my analysis 5 hours ago.
Gold is currently trading around 2673 after hitting 50% retracement (2677) and dumping a 40-50pips. There are several potential scenarios where gold can move:
(1) Price can retrace down lower before breaking past our 50% fibs (2677), targeting higher probability sell zone at 2680-2686 (H1 FVG, 61.8% fibs + OTE)
(2) Price can simply just break past our range, hitting 2680-2686s before dumping.
(3) Price can retrace lower, breaking past our prev low of 2657, where we can look for breakout sells upon retracement
(4) Price can invalidates scenario (1) - (3) and bull through out HTF OTE zone (2686-2689) and into the 2700s region
UPDATE: Scenario (2) played out well where we just saw a break above the range, into the 80-82s zone. Let's be patient and wait for the higher probability sell zone at 2686-2689.
Stay tuned as we monitor the price actions together!
Please comment what you think about this analysis and do follow/like my post if you agree and want more of such updates. Helps a lot to grow my profile, cheers!
Previously I have posted an idea here 5hr ago but was taken down due to violations of some rules due to advertising. My bad on that, but let me repost what I have analyzed and elaborate what has played out since my analysis 5 hours ago.
Gold is currently trading around 2673 after hitting 50% retracement (2677) and dumping a 40-50pips. There are several potential scenarios where gold can move:
(1) Price can retrace down lower before breaking past our 50% fibs (2677), targeting higher probability sell zone at 2680-2686 (H1 FVG, 61.8% fibs + OTE)
(2) Price can simply just break past our range, hitting 2680-2686s before dumping.
(3) Price can retrace lower, breaking past our prev low of 2657, where we can look for breakout sells upon retracement
(4) Price can invalidates scenario (1) - (3) and bull through out HTF OTE zone (2686-2689) and into the 2700s region
UPDATE: Scenario (2) played out well where we just saw a break above the range, into the 80-82s zone. Let's be patient and wait for the higher probability sell zone at 2686-2689.
Stay tuned as we monitor the price actions together!
Please comment what you think about this analysis and do follow/like my post if you agree and want more of such updates. Helps a lot to grow my profile, cheers!
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