Metal is currently trading within a parallel channel creating multple HH and HL.
I Potentially see market falling towards its demand zone and previous support.
Potential traders would look to scalp the retest on the intra-day timeframes.
My personal perspective; I feel as if buyers have been waiting long for a bullish type of move on Gold and with regards to price action, there are a lot of buyers ( buying pressure ) sitting in the demand zone ( where the third touch would take place )
as a tip- A MARKET THAT BOUNCES A THIRD THIRD TIME OFF A TRENDLINE IN A CONFIRMED DIRECTIONAL BIAS USUALLY INDICATES AN EXPLOSIVE ENTRY POSITION ( This is based purely off my experience in the markets.
Reasons for my buy in that area (confluences)
- Third touch confirmation with pinbar on D1 TIMEFRAME
- Engulf foration on 4HR TIMEFRAME in the 3rd touch area
- Momentum of any sort off the demand area in the bullish direction.
-support and resistance, supply and demand as well as trendline traders are meeting in that position. If this type of MARKET SPECULATION ACTUALLY TAKES PLACE, it would be considered a high probability trade.
Thanks for your time.
I Potentially see market falling towards its demand zone and previous support.
Potential traders would look to scalp the retest on the intra-day timeframes.
My personal perspective; I feel as if buyers have been waiting long for a bullish type of move on Gold and with regards to price action, there are a lot of buyers ( buying pressure ) sitting in the demand zone ( where the third touch would take place )
as a tip- A MARKET THAT BOUNCES A THIRD THIRD TIME OFF A TRENDLINE IN A CONFIRMED DIRECTIONAL BIAS USUALLY INDICATES AN EXPLOSIVE ENTRY POSITION ( This is based purely off my experience in the markets.
Reasons for my buy in that area (confluences)
- Third touch confirmation with pinbar on D1 TIMEFRAME
- Engulf foration on 4HR TIMEFRAME in the 3rd touch area
- Momentum of any sort off the demand area in the bullish direction.
-support and resistance, supply and demand as well as trendline traders are meeting in that position. If this type of MARKET SPECULATION ACTUALLY TAKES PLACE, it would be considered a high probability trade.
Thanks for your time.