#GOLD/#XAU/USD monthly Plan
Updated
Clearly on monthly timeframe #Gold has broken monthly triangle & I am looking for the retest of the triangle to enter swing long setup.
But before that I will be entering a Short position after we have closed this current weekly candle, I am looking at good possible reversal candle with H&S building -
I won't be closing this short position until I have seen a good bounce from triangle retest reason being I see a possible H&S on monthly time frame as well
& along with it, there is a possibility of Gold building Bullish bat
Now now I know some of you are saying "what the F dude, you outta your mind?!" "Gold at 400$?! yeah in your dreams!!"
To all those people i trade what is in front of me, I don't have an emotional attachment with any setup i trade, i don't trade something because i like that asset i trade what chart shows me :)
once I am in trade especially this swing trades i take it level by level, weekly & then monthly
So if we see a good bounce at fib/support levels & triangle retest I will start scaling in a long position from Fibonacci 61.8% retracement to 78.6%. which lines up close to our H&S targets.
as always
#DYOR
remember I am not a financial advisor & this are all just my thoughts :)
make sure to leave a comment & if you agree then hit that thumbs up
Do not forget to check out other ideas & do share it with your friends :)
But before that I will be entering a Short position after we have closed this current weekly candle, I am looking at good possible reversal candle with H&S building -
I won't be closing this short position until I have seen a good bounce from triangle retest reason being I see a possible H&S on monthly time frame as well
& along with it, there is a possibility of Gold building Bullish bat
Now now I know some of you are saying "what the F dude, you outta your mind?!" "Gold at 400$?! yeah in your dreams!!"
To all those people i trade what is in front of me, I don't have an emotional attachment with any setup i trade, i don't trade something because i like that asset i trade what chart shows me :)
once I am in trade especially this swing trades i take it level by level, weekly & then monthly
So if we see a good bounce at fib/support levels & triangle retest I will start scaling in a long position from Fibonacci 61.8% retracement to 78.6%. which lines up close to our H&S targets.
as always
#DYOR
remember I am not a financial advisor & this are all just my thoughts :)
make sure to leave a comment & if you agree then hit that thumbs up
Do not forget to check out other ideas & do share it with your friends :)
Note
Short Setup 
Note
looking at monthly we might be building Cup & Handle Pattern 
The monthly candle has also closed bearish at resistance, risking a short as per our original plan
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