Video Transcript:
Yesterday was a beautiful expansion day, and this is something that was very much on the cards. In fact, it was a great day trading gold — bullish, right? Now today, if we look at it — in fact, let me just get back here — there are certain considerations, obviously. So, bottom line is that if I go to a daily chart, let me start from here: it’s extremely bullish. And now we have this order block, as you can see on the daily chart, and this is the midpoint of the order block — 3353.0. This is the order block, right? Any retracement to this would be very, very healthy, especially around the midpoint of the order block — and then expansion.
Yesterday’s price action already took some of these highs, but the next ones are going to be these highs — this high, that high. The thing we have to determine is: what’s a good trade location? One is 3353. The other — now this is another one, right? That is 3353, by the way. This is 3343. Now, what is this? This is exactly from this low that was made — a daily swing low — to the high. So, I’m considering the entire range, and if it gets to 3343, it would be a great entry point. Whether the price can get here or not, I’m not sure.
The other dealing range — a sort of modified dealing range — can be from this low, which is the start of the week. It started quite bullishly right from the Sunday open, and this is where it’s consolidating — which is again a 4-hour low at 3368.6. I think this would be a very likely retracement target, then the price can actually expand. Or the other scenario — as I was talking about — is that it actually comes through a deeper retracement, this one, which will also be in the daily order block that we just talked about, close to the 50%, and then expands. So these are the two scenarios that I’m looking at.
Now, for swing trading — and again, I’ve only been swing trading gold, as I told you guys — here is what my plan is. Because I’m not sure whether this would be the area or here — even though the draw on liquidity is very clear to me — on a touch of this one, taking the 3368.6 level, I will add half of my swing position, and then I will add the other half if it gets here — 3347.6. That would be my play, with my stop loss being just half of this wick, like something like this. I already have it all in my setup — right here: 3290.5, just a tick or so below. That would be my stop.
And again, this is for swing trading. For any of you, I just wanted to give my insights into what I see here.
Hey guys, it’s June 5th. I thought I’d make a quick video as a follow-up to my last one, where I talked about gold price action and the overall bullish bias based on higher time frames and what we can expect.
If you remember the last video, I talked about this as a potential point from where it could reverse — and this one. So, it did reverse from here and actually made a low. Then, if you look at how it reached this high — the daily high, which happened earlier today — you’ll see there was just one buyside liquidity taken. Typically with gold, what you see is a retracement right after, especially when external liquidity is taken. It then builds some more liquidity, purges some on the opposing side, and expands again.
Now, based on the higher time frame, my bias for gold is 3449.5 and eventually 3475.7 — and this is where it’s trading right now. If I zoom in to take a closer look at what we can potentially expect from here, since the daily high has been taken out — let me mark this as the daily high — now if I look at the daily low here, one of the potential ideas, especially if I’m already in a swing trade from earlier, it’s fine. But if I’m looking for a new signal to go long, in my mind, I look at this: if you just draw this, it’s all low-resistance liquidity.
So, a likely scenario for me — especially if I have to take a new long — would be that I absolutely want the price to come back, take all this liquidity, and preferably this daily low, and then reverse. I can have at least some part of my position here. Also within the realm of possibility is for the price to come down to about 3347.8 and then reverse — and this is the same level I talked about in the last video. These are the two potential paths I’m looking at right now. And for me to get long, this is not the point. I absolutely want some of that sell-side — especially the daily low — to be pushed, and then a reversal from there.
Alright, so I just thought I’d give a quick update. I’ll see you in the next one. Bye-bye!
Hey everyone, it’s Dale here. I hope you enjoyed the video. If you’d like to trade alongside me and our team of prop firm-funded traders every day, then click the link below the video and hop aboard. We’re looking forward to trading with you.
Comments
Post a Comment