XAU/USD 5M - As you can see we have profited very well from the zone I gave out earlier today taking some crazy profits from a bullish position on this market. As you can see price traded into this zone perfectly and went on to deliver us with a bull run.
There is however something we need to make note of and that is that the high it went on to create came lower than the last high that was created, that is our first sign of weakness in this market. Our second sign is the break of structure to the downside that followed.
This trade ran + 200 pips. (+ 6%) 6RR
As you can see we have been delivered with a structure break, giving us a clear view for what looks to be bearish structure. This is what is giving me the impression that price is within a corrective wave at the moment to trade us into another Supply Zone.
I believe price may give us another bear run after trading us up and into the Supply Zone above, if this is the case it could trade us right down and into the Demand Zone on screen, this is where we could set TP's at. It could however absorb price and trade even lower.
There is however something we need to make note of and that is that the high it went on to create came lower than the last high that was created, that is our first sign of weakness in this market. Our second sign is the break of structure to the downside that followed.
This trade ran + 200 pips. (+ 6%) 6RR
As you can see we have been delivered with a structure break, giving us a clear view for what looks to be bearish structure. This is what is giving me the impression that price is within a corrective wave at the moment to trade us into another Supply Zone.
I believe price may give us another bear run after trading us up and into the Supply Zone above, if this is the case it could trade us right down and into the Demand Zone on screen, this is where we could set TP's at. It could however absorb price and trade even lower.
