Since Tuesday, price have made three consistent strikes of higher highs higher lows. A strong bullish, but short term, move it seems. What I saw was accumulation (marked with yellow box) and retail buy orders above it.
On Wednesday, there was a valid institutional tap on the liquidity pool and rightly so it moved down but only for an hour. A scalping method would've harvest some ROI there for sure.
Today as London opens, price enters deeper into the buy stops stacks and institutional offers consumed at least some of it.
This setup tells me XAUUSD could go down at least towards the intraday downside projection by NY close. Of course I can end up look like a moron if price breaks the liquidity pool and trade hundreds of points to the upside. I am sure there are a lot of buy stops (in a form of stoploss) above the Monday high that institutional would love to tap into.
Its a probability game. All i am saying the setup warrants me to set my intraday bias into Bearish mode. If it doesn't, move on and wait for the next setup. If it does, then cool!
On Wednesday, there was a valid institutional tap on the liquidity pool and rightly so it moved down but only for an hour. A scalping method would've harvest some ROI there for sure.
Today as London opens, price enters deeper into the buy stops stacks and institutional offers consumed at least some of it.
This setup tells me XAUUSD could go down at least towards the intraday downside projection by NY close. Of course I can end up look like a moron if price breaks the liquidity pool and trade hundreds of points to the upside. I am sure there are a lot of buy stops (in a form of stoploss) above the Monday high that institutional would love to tap into.
Its a probability game. All i am saying the setup warrants me to set my intraday bias into Bearish mode. If it doesn't, move on and wait for the next setup. If it does, then cool!
That looks pretty fine as of now doesn't it?