Now this isn’t a set up i would usually take but when the DXY is trading in a certain direction i like to trade with it/against it.
In this instance the DXY had been moving upwards over the last couple days causing Gold to trade to the downside.
Also after the initial break of the trend not coming down to clear out the liquidity i was confident it would come back to sweep it.
That said, the setup is pretty basic.
– Break and retest of trend line
– Bearish PA from the <H1
– 61.8 fibs retracement
– M15 breaker block setup
I didn’t target the lowest wick as i like to keep my targets ‘realistic’, clearly price did come down and sweep that low though.
I was happy to target the bottom of that consolidation for a 2.05R trade.
XAUUSD SHORT
Now this isn’t a set up i would usually take but when the DXY is trading in a certain direction i like to trade with it/against it.
In this instance the DXY had been moving upwards over the last couple days causing Gold to trade to the downside.
Also after the initial break of the trend not coming down to clear out the liquidity i was confident it would come back to sweep it.
That said, the setup is pretty basic.
– Break and retest of trend line
– Bearish PA from the <H1
– 61.8 fibs retracement
– M15 breaker block setup
I didn’t target the lowest wick as i like to keep my targets ‘realistic’, clearly price did come down and sweep that low though.
I was happy to target the bottom of that consolidation for a 2.05R trade.