XAUUSD short from the pull back (long term trade)

29 thg 11, 2022

1. The price hasn't updated the new height but broke the trend in a downward movement BoS (now we are in a downtrend);

2. We are waiting for a pull back to start selling till next order block;

3. the potential short entry is 50% of the wick of the previous upper candle;

4. TP bullish order block;

5. I see high propabilty of continuation of down trend because price has reached 1.618 - Fibonacci extansion key level (potential revers level);

6. However, we are definitely on an uptrend, so it is not advisable to go against the trend until there are clear signs of a reversal. The first signal for a reversal for me will be the breaking of two bullish order blocks - breaking key levels;

7. If we see good regection from this level it means that price respects it and we can look for longs from this moment;

8. TP for long position will be upper key levels.