XAUUSD (GOLD) MARKET ANALYSIS
Good morning traders and happy festivities this season as it is a time to spend with family, friends and loved ones after a long year of hustle and hard work. As the year comes to an end we'll get to see banks start closing for holidays meaning this is the last trading week of the year 2022 and this will also be my last trade of the financial year 2022. Into the markets today, XAUUSD price rallied to a key H1 & H4 supply zone at 1822.25 & 1808.63 which is the origin of the previous drop to the H4 demand at 1774.00. Price has filled the minor H1 & H4 range from the key H1 & H4 supply zone to the H4 demand and back to the H1 & H4 supply zone.
Price rallied into supply forming a rejection wick with candle close inside supply followed by a strong drop to the H4 low at 1774.00 then rallied back into supply. Price rallied back into supply and formed a rejection wick and candle closes inside supply followed by a slight drop on H1 in 3 bearish candles showing a potential reversal. Took sell entries during pre-London session at 1817.03 with SL at 1822.00 as price missed my pending sell limit orders at 1822.25 with SL at 1829.36. Setup taken is a rally base drop, a reversal setup and my target is at the H4 demand at 1774.00.
Price consolidated inside supply for a while then formed a strong rejection wick on H1 & H4 activating my pending sell limit orders at 1822.25 with candle closes inside supply followed by a slight drop in 3 bearish candles. This consolidation period took out my previous entries and activated my sell limit orders. However, price consolidated inside supply forming equal lows inside supply without any candle close below supply as confluence for the bearish reversal by London session yesterday. Price continued with the consolidation accumulating enough bearish orders for the anticipated drop which eventually happened during NY session as price took out the equal H1 lows inside supply and strongly dropped away from supply by a large H1 bearish engulfing candle with candle close below supply. This was followed by a series of strongly bearish H1 candles that continued the drop showing high bearish potential with price dropping 350 pips to the 1st H4 low at 1786.00 and still showing more bearish potential to the key H4 demand at 1774.00 which was my target.
Price rallied into supply forming a rejection wick with candle close inside supply followed by a strong drop to the H4 low at 1774.00 then rallied back into supply. Price rallied back into supply and formed a rejection wick and candle closes inside supply followed by a slight drop on H1 in 3 bearish candles showing a potential reversal. Took sell entries during pre-London session at 1817.03 with SL at 1822.00 as price missed my pending sell limit orders at 1822.25 with SL at 1829.36. Setup taken is a rally base drop, a reversal setup and my target is at the H4 demand at 1774.00.
Price consolidated inside supply for a while then formed a strong rejection wick on H1 & H4 activating my pending sell limit orders at 1822.25 with candle closes inside supply followed by a slight drop in 3 bearish candles. This consolidation period took out my previous entries and activated my sell limit orders. However, price consolidated inside supply forming equal lows inside supply without any candle close below supply as confluence for the bearish reversal by London session yesterday. Price continued with the consolidation accumulating enough bearish orders for the anticipated drop which eventually happened during NY session as price took out the equal H1 lows inside supply and strongly dropped away from supply by a large H1 bearish engulfing candle with candle close below supply. This was followed by a series of strongly bearish H1 candles that continued the drop showing high bearish potential with price dropping 350 pips to the 1st H4 low at 1786.00 and still showing more bearish potential to the key H4 demand at 1774.00 which was my target.
Comments
Post a Comment