Long XAUUSD
Idea based on Classical chart patterns (Weekly Chart).
Abbreviations:
M/W/D/H = Month/Week/Day/Hour
TL: Trendline
HS: Head & Shoulders Top/Bottom
DT: Double Top
DB: Double Bottom
ATr: Ascending Triangle
DTr: Descending Triangle
STr: Symmetrical Triangle
FW: Falling Wedge
RW: Rising Wedge
BW: Broadening Wedge
Rct: Rectangle
Trade Rationals: 9W DT / 4W DB
Gold has been on the bull run from the end of last year, and still the longer term trend seems to be in favor for the upside. There was some consolidation that made it difficult to determine if it was another long, but the weekly chart shows a clear fail of the DT pattern. If you zoom into the Daily chart we can see a DB completion, indicating the short term bottoming out o the chart. And to add to that the bar breakout from the DB pattern is also with a wide bar breakout.
Strategy:
i would think of getting out if the bar touches 4W DB neck, but need to confirm the bars. the first add point is above the 4W DB target level, and the next level would be closing above the recent highs.
Risk reward calculated against capital using the first target is
Entry : 2393 or better
SL : 2348(-0.91%) / TP: 2626(+4.70%)
RR: Apprx. 5:1
(as always, not investment advise/recommendation or prediction)
Abbreviations:
M/W/D/H = Month/Week/Day/Hour
TL: Trendline
HS: Head & Shoulders Top/Bottom
DT: Double Top
DB: Double Bottom
ATr: Ascending Triangle
DTr: Descending Triangle
STr: Symmetrical Triangle
FW: Falling Wedge
RW: Rising Wedge
BW: Broadening Wedge
Rct: Rectangle
Trade Rationals: 9W DT / 4W DB
Gold has been on the bull run from the end of last year, and still the longer term trend seems to be in favor for the upside. There was some consolidation that made it difficult to determine if it was another long, but the weekly chart shows a clear fail of the DT pattern. If you zoom into the Daily chart we can see a DB completion, indicating the short term bottoming out o the chart. And to add to that the bar breakout from the DB pattern is also with a wide bar breakout.
Strategy:
i would think of getting out if the bar touches 4W DB neck, but need to confirm the bars. the first add point is above the 4W DB target level, and the next level would be closing above the recent highs.
Risk reward calculated against capital using the first target is
Entry : 2393 or better
SL : 2348(-0.91%) / TP: 2626(+4.70%)
RR: Apprx. 5:1
(as always, not investment advise/recommendation or prediction)
Trade active
almost got stopped out, but still in the green.looking to add positions when i can.
Trade active
Moved the stop up to 2464.10 level yesterday. Got stopped out with a profit of apprx +1.50% today.
Reentering 2nd try at levels higher at 2475 levels with a stop level 2415 with a 2.5:1 risk-reward.
Aiming for +2.40% (target unchanged from original trade.)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.