AUXUSD (gold) bullish retracement

24 Jul

Chart analysis is thorough. Looking at external timeframe (1HR) we see a bearish break of the higher low that pushed up to the higher high. This confirms a bearish CHoCH. Given the strong bullish run of gold, market makers will need more liquidity to push price lower.

This means your hard earned $$! Chart shows market maker traps and attempts to induce more short orders. Don't fall for it, wait for confirmation. Hope you made it through and saw the bullish behavior behind this inducement...

I have not entered yet, waiting for the last trap, a stop hunt for those who entered long too early. Longs have already been induced and the stop hunt is the last barrier to entry. Waiting for entry confirmation on the 15 min, looking for price to grab more liquidity in a nice order block to continue higher.

I would recommend following this analysis longer term. Price will grab liquidity at the last unmitigated order block before breaking structure to the downside for lower lows and lower highs.

24 Jul

Nota

Oops, I just realized I had a dyslexic moment with the symbol, should be XAUUSD... Apologies.

24 Jul

Nota

I entered the trade when it held the support zone outside of the range. We're in about 1% profit right now, trading with the main trend. Only risk is that there's a liquidity grab that stops me out. We'll see.

24 Jul

Nota

Took some nice scalping profits. Price is now grabbing more liquidity as anticipated. Waiting for a good entry on 1min timeframe. Thinking a few hour should do it.