ASCENDING CHANNEL ON GOLD
Updated
Not so long ago I published an idea on this pair (link below), but things didn't go as planned.
What we have here is an ascending channel (still) and the market seems to have broken above and retraced back to the resistance level.
I see this as an almost perfect opportunity to go long simply because I strongly anticipate a bullish movement due to the market breaking above and then retesting our channel resistance (classic "break & retest").
If that's not enough, we have an area of interest as indicated above, which I will use as my T.P since the market has tested this level so frequently in the past.
As always, I've indicated my Stop Loss and Target level. I might close this trade manually before it reaches my TP though. But I'll definitely keep you guys in the loop as I always do.
Feel free to leave a comment (you're not obligated to 'like'), I'd be happy to hear your views.
Signing out.
What we have here is an ascending channel (still) and the market seems to have broken above and retraced back to the resistance level.
I see this as an almost perfect opportunity to go long simply because I strongly anticipate a bullish movement due to the market breaking above and then retesting our channel resistance (classic "break & retest").
If that's not enough, we have an area of interest as indicated above, which I will use as my T.P since the market has tested this level so frequently in the past.
As always, I've indicated my Stop Loss and Target level. I might close this trade manually before it reaches my TP though. But I'll definitely keep you guys in the loop as I always do.
Feel free to leave a comment (you're not obligated to 'like'), I'd be happy to hear your views.
Signing out.
Trade closed: target reached
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