XAUUSD, daily tf, buy on falling wedge breakout
Hello my friends,
It has been long since my last position in XAUUSD. Today i finally find a good setup to trade for XAUUSD.
If you look at XAUUSD daily tf using line chart, it is very clear that they are making a falling wedge pattern. Price keep moving south but it was getting squeezed in the last 2months. Price finally get out of this wedge pattern and break to the upside at 9th October 2020 and keep moving north for 300 pips.
Today we finally see price retrace to retest this broken trend line which is now a support.
This is going to take some time to materialize as we are using daily timeframe so we just gonna do it patiently. Also if you're a fan of elliott wave, you could notice that this is going to be the 5th wave for XAUUSD to the upside.
I am buying XAUUSD to aim the upwards movement towards 2050 because this is the target of this falling wedge pattern.
Buy XAUUSD 1892
Stop loss 1870
Take profit 1 at 1984
Take profit 2 at 2050
RR ratio is 1 : 7.2
Use only 1-2% risk
Good luck
It has been long since my last position in XAUUSD. Today i finally find a good setup to trade for XAUUSD.
If you look at XAUUSD daily tf using line chart, it is very clear that they are making a falling wedge pattern. Price keep moving south but it was getting squeezed in the last 2months. Price finally get out of this wedge pattern and break to the upside at 9th October 2020 and keep moving north for 300 pips.
Today we finally see price retrace to retest this broken trend line which is now a support.
This is going to take some time to materialize as we are using daily timeframe so we just gonna do it patiently. Also if you're a fan of elliott wave, you could notice that this is going to be the 5th wave for XAUUSD to the upside.
I am buying XAUUSD to aim the upwards movement towards 2050 because this is the target of this falling wedge pattern.
Buy XAUUSD 1892
Stop loss 1870
Take profit 1 at 1984
Take profit 2 at 2050
RR ratio is 1 : 7.2
Use only 1-2% risk
Good luck
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