Multi Timeframe Analysis

Hint: Look only for sell setups

Recommendation:

Price is woefully overbought on the daily timeframe . The 21 period daily RSI flirts with the 70 levels and hedge funds must commence profit taking on previous longs close to the clear order block at the 78.6% fibonacci levels.

Price will fall to this level prior to further potential upside. Be wary, that gold can fall deeper to 1770 due to DXY's potential upside surge.

Don't be caught off-guard. Break XAUUSD at the knees with a sell stop order below current market structure and take the surge down.

Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.

-=ENTRY RULES=-

Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.

Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI , MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe

For SHORT:
4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line

For LONG:
4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line

I publish ideas on this Premium Account : https://www.tradingview.com/u/Tradeassoc... Follow me on both channels for updates.