XAUUSD, 2hr timeframe, triangle pattern / wave 4 breakout
Hello my dear friends,
I spotted a nice triangle forming on the top of XAUUSD. This triangle is an ascending triangle which indicates buyers in control as they are willing to buy in a higher price each time it retrace.
Resistance has already been broken with a solid close, so this downwards movement is only a retest in my opinion.
Triangle pattern usually occurs on the 4th wave of Elliott Wave, so we will assume this 4th wave is now finished. It will be followed by upwards movement which is the 5th wave.
Buy XAUUSD 1970
Stop loss 1958
Take profit 1 @1982
Take profit 2 @1994
Take profit 3 2006
Take profit 4 2017
Good Luck
Disclaimer : I am buying xauusd from 1975
I spotted a nice triangle forming on the top of XAUUSD. This triangle is an ascending triangle which indicates buyers in control as they are willing to buy in a higher price each time it retrace.
Resistance has already been broken with a solid close, so this downwards movement is only a retest in my opinion.
Triangle pattern usually occurs on the 4th wave of Elliott Wave, so we will assume this 4th wave is now finished. It will be followed by upwards movement which is the 5th wave.
Buy XAUUSD 1970
Stop loss 1958
Take profit 1 @1982
Take profit 2 @1994
Take profit 3 2006
Take profit 4 2017
Good Luck
Disclaimer : I am buying xauusd from 1975
Note
TP 2 already hit and i am booking partial profit on XAUUSDTrade closed: target reached
Target reached and trade closed with +470 pips
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.