Hi everyone, today I will be talking about a possible XAUUSD long trade using Smart Money Concepts for this week.
Trade idea
1. Price is forming higher highs and higher lows as seen by the multiple BOS (break of structure) to the upside
2. Demand zones are validated and we can see that current price action just broke structure on LTF
3. Upon drawing the fibonacci retracement tool, 0.5-0.618 level coincides nicely with a breaker block zone on the left (marked by green zone)
4. We will look for entries upon a retracement on GOLD/XAUUSD and enter longs
Things to look out for:
- Price could just continue to head up further given NY session and strong bullish momentum.
- Trade will be invalidated if price continues to break HTF structure at ~1824.
Trade safe guys!
Regards,
Chern Yu
Trade idea
1. Price is forming higher highs and higher lows as seen by the multiple BOS (break of structure) to the upside
2. Demand zones are validated and we can see that current price action just broke structure on LTF
3. Upon drawing the fibonacci retracement tool, 0.5-0.618 level coincides nicely with a breaker block zone on the left (marked by green zone)
4. We will look for entries upon a retracement on GOLD/XAUUSD and enter longs
Things to look out for:
- Price could just continue to head up further given NY session and strong bullish momentum.
- Trade will be invalidated if price continues to break HTF structure at ~1824.
Trade safe guys!
Regards,
Chern Yu