XAU.USD FOREX ANALYSIS 24.6.2024
XAU.USD FOREX ANALYSIS 24.6.2024
Transcript
00:00not much, especially with the fact that pride action here has actually re-ejected off or
00:06created a brand new one hour change of character at this level,
00:09now retesting the fair value gap and looking like it is failing to break below.
00:15So obviously ideally right now, based on whatever I've just done from the top down from the daily
00:20to the four hour to the one hour, I'm definitely looking more bearish than bullish, especially
00:24since this impulse move towards the upside here wasn't so impulsive at all.
00:30Okay, now, of course, with that being said, I definitely need to take a look at the 15 minute
00:36timeframe to see what price action is doing right now. Okay, after creating this low,
00:41creating a weak change of character, a weak change of character, as seen over here,
00:46there's no body candle close below it, below the 2321.51, price has created a one hour
00:51bearish fair value gap, which has been tested by the previous hourly candle, right?
00:56Now, 15 minute timeframe, what can we see? We have just created a change of character
00:59on the five minute timeframe. This is an internal change of character, right?
01:02So that you guys don't get confused. Right, let me just go ahead and hit and type this.
01:10Okay, we created internal change of character after breaking past this high,
01:16right? We created a new high and then price came down, broke past this low with a wick
01:20yet again. So if we do have a wick here, ideally what I'm looking for is potential
01:24sales, but from where? This is where I need to be extremely careful.
01:32Because of the fact, right, that there is no volume in terms of news coming in to play as a
01:37road to speed up whichever direction it wants to go, right, we need to be extremely careful
01:42because today may end up ranging. So we need to see how price action plays out here. So first
01:46things first is that we know that on the five minute timeframe, we've created a change of
01:49character at the 2325.48. Okay, so what we have here on the five minute is that we have broken a
02:00lower high, sorry, higher low, higher low, okay? Price created a high, created a low,
02:06created a high again, then created a higher low. Then price gave us a higher high.
02:13So when you have the, when you have all these in place on the lower timeframe, you tell us that
02:19price actually is bullish, but once we see price break below this area, then we could tell that,
02:24okay, look, since the higher low has been broken with a body candle close here, I can expect price
02:31to continue lower, but where can I expect it to continue lower from? Personally, this is the five
02:36minute fair value, or the bearish order block that I'm looking at right now. Because right now,
02:42price has basically taken out liquidity, whatever you want to call it, you can call it that as it
02:47is, right? But the fact is, price has broken this area here with a wick. So therefore, I'm looking
02:52for price to come back a little deeper into this five minute bearish order block at the 2326.98
02:58to the 2328.14. Once we have that, great, I can look for potential sales. Now, how can I look for
03:06potential sales? It's going to be something like this. Let's see, it's really inched towards the
03:12upside here, and then we start to see something like that. Then this would be a possibility,
03:16right, where we have a change of character on the five minute timeframe to give us a potential entry
03:21once we test this area here to continue shorting. Okay, now, however, I do acknowledge that there is
03:29a order block here that hasn't been tested on the five minute as well ever since this dump that was
03:34created at 5.30pm GMT plus in, right? There was a bearish order block that was formed as a result
03:41of this very impulsive move towards the downside or go, right? So of course, what I'm looking at
03:46here is for either price to come into this area, right, and then reject, or for price to break
03:53above to target this area first, if it holds, it holds, then we continue lower, or