POSSIBLE Bullish breakout for GOLD
Trading idea still premature, but should H4 candle close as a grade A bullish pin, risking some money on this idea may be rather rewarding.
STOP LOSS: 1345.902 OR 1305.041
TAKE PROFIT: 1666.852
Risk-reward: 26.37 OR 5.88
Longer term trend: Bullish
Current trend: Bullish
General comments:
Gold has been in a triangular formation, with a likely bullish break. The stop loss is slightly lower most recent structure low, just beneath the support. The very high price target of 1672 is derived from the height of the triangle added to the support.
What I like:
1) phenomenal risk-reward ratio, irregardless of aggressive stop-loss placement or not
What I dislike:
1) idea is highly premature
2) entry in the next H4 is suboptimal as it is the last few trading hours for the week. This puts us in the dark.
3) *In accordance to the daily, a potential bearish pin is forming and the triangular consolidation will remain.
Other things to note:
1) Despite the preemptive idea, this an excellent and interesting possibility of how we can view gold in the coming months. Further stock anomalies will likely push gold prices higher
*This is my first few attempts to contribute to the tradingview community. Do support by liking and following! All suggestions/feedback welcome!
x, and happy chinese new year,
iskfx
STOP LOSS: 1345.902 OR 1305.041
TAKE PROFIT: 1666.852
Risk-reward: 26.37 OR 5.88
Longer term trend: Bullish
Current trend: Bullish
General comments:
Gold has been in a triangular formation, with a likely bullish break. The stop loss is slightly lower most recent structure low, just beneath the support. The very high price target of 1672 is derived from the height of the triangle added to the support.
What I like:
1) phenomenal risk-reward ratio, irregardless of aggressive stop-loss placement or not
What I dislike:
1) idea is highly premature
2) entry in the next H4 is suboptimal as it is the last few trading hours for the week. This puts us in the dark.
3) *In accordance to the daily, a potential bearish pin is forming and the triangular consolidation will remain.
Other things to note:
1) Despite the preemptive idea, this an excellent and interesting possibility of how we can view gold in the coming months. Further stock anomalies will likely push gold prices higher
*This is my first few attempts to contribute to the tradingview community. Do support by liking and following! All suggestions/feedback welcome!
x, and happy chinese new year,
iskfx
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Start your 14-day free trial now @ pineconnector.com/. Credit card not required.
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