Another gold setup, this time I took it. H1:
There were 2 other signs of weakness before this segment. On the picture the first marked candle I interpreted as a sign of weakness, because the next one was bearish too, although they had wicks at the bottom. The second is a news candle, but it had bearish reaction too.
The third part is interesting, because first it showed sign of strength with the bullish reaction, but they didn’t had the long bottom wick, more like an upper one, then the third bullish had the highest volume with a long upper wick with bearish reaction, so i took this whole thing as a sign of weakness aswell. Then fourth mark happened at a 50 fibo with bearish reaction, sign of weakness again.
There was the highest volume of the day into 50 fibo, which is the fourth mark on the H1. It is hard to see now, because of news volume, but the marked ones were high for the day. First support was the AR, but i had to move it down a bit, because it could not go through first.
Second and third mark showed sign of weakness, volume properly picked up at the highs again. Then it broke through the AR, medium volume, closing at the very high. THen came the retest of the AR, ND formed 2 candles later, then I entered when it was confirmed by the bearish candle marked with the little red arrow. Price climbed up again at the fourth mark, volume was high again, then came the news.
Although it was bought into, the second candle after the long bearish news candle was still bearish, so i knew it will go lower, as well as the non VSA traders are going to push it down further. It moved down again about 35 pips, then it showed proper sign of strength twice, so I exited when it touched that black box I marked.