Hello Traders!
Here's a breakdown on XAUUSD: H4 Timeframe
1. Overall trend is Bullish; Price has been forming HH and respecting HL.
2. By using the identified swing points, we can highlight discounted levels where we expect price to resume the bullish trend. (Impulsive phase)
3. Gold in currently in a (Corrective Phase), and within that corrective structure we can identify impulsive phase and corrective phase. Like they say a structure within a structure
4. Breaking down the current structure we can clearly see that price grabbed liquidity above the last LH and mitigated the supply area which then led to MSS/CHOCH in the market.
5. We can then identify those internal points as internal high and internal low. I am currently expecting price to pull back into premium levels where I will be looking for selling opportunities targeting the discounted level.
6. Current price is playing around EQL, and if we are to zoom in on that structure, we will see that price is respecting a bullish trend structure by forming HH and respecting HL, currently expecting price to pull back into discounted levels then push higher to our premium level, as illustrated.
Here's a breakdown on XAUUSD: H4 Timeframe
1. Overall trend is Bullish; Price has been forming HH and respecting HL.
2. By using the identified swing points, we can highlight discounted levels where we expect price to resume the bullish trend. (Impulsive phase)
3. Gold in currently in a (Corrective Phase), and within that corrective structure we can identify impulsive phase and corrective phase. Like they say a structure within a structure
4. Breaking down the current structure we can clearly see that price grabbed liquidity above the last LH and mitigated the supply area which then led to MSS/CHOCH in the market.
5. We can then identify those internal points as internal high and internal low. I am currently expecting price to pull back into premium levels where I will be looking for selling opportunities targeting the discounted level.
6. Current price is playing around EQL, and if we are to zoom in on that structure, we will see that price is respecting a bullish trend structure by forming HH and respecting HL, currently expecting price to pull back into discounted levels then push higher to our premium level, as illustrated.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.