XAU/USD Short - 5/15m - NY Open - Nov 16 2022
long term PF on 4H shows us the slope is still valid as price keeps respecting the ceiling and floor. Once price hit the ceiling, it started making its way down to the most recent floor (bottom of red parallel channel). We waited for the first dotted parallel to be broken as that one is clearly being respected (same move down as Nov 15 Asian session).
1:1 was the aim but execution was poor. Retail sales data came out positive for USD at 8:30am and we know that 9:30am will have another reaction to this high impact news. Hence at 9:30, price pushed up to our dotted parallel then fell down to our most recent floor which is our TP. Trade was a sell stop after the break of the 5m candle (9:35am)
Trade taken on 5m due to high volatility but Tradingview does not allow for 5m chart publishing.
1:1 was the aim but execution was poor. Retail sales data came out positive for USD at 8:30am and we know that 9:30am will have another reaction to this high impact news. Hence at 9:30, price pushed up to our dotted parallel then fell down to our most recent floor which is our TP. Trade was a sell stop after the break of the 5m candle (9:35am)
Trade taken on 5m due to high volatility but Tradingview does not allow for 5m chart publishing.