I want to have a small study about the price action of today.
It’s gonna be about gold starting with the London session.
I. Before session (9h45)
For this we saw price more or less made a consolidation on Monday. Tuesday asian session started going lower toward Previous week point of control. At this time price was « undervalue » relatively to this session.
We can expect a reaction up from PW POC.
II. Trading Session
After 10am Paris time ( 4 AM EST) we can expect a setup to form, either a continuation or a reversal on the M1. Price faded to go higher without touching PW POC. Touching and how touching this level was important. It had to be a quick sweep for reversal or crushing this level with FVG for a continuation.
In this case price touchedd PW POC and created a 1m bullish ob where you can enter long from
targeting next liquidity area and/or the VAL. If your sentiment is bullish for the day you can also anticipate that is the low of the day.
another way at looking at it for continuation short as we anticipate price to touch PW POC.
III. Ranging Part
God does move a bit during NY am session but not a lot. Usually a bit pre-session from 2.30 pm ( 8h30 EST) to 3h30 pm. After that I found it better to leave gold and go for NQ or ES.
Regarding our example, price stayed in a range. I, unfortunately, have no way of trading this.
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