Gold (XAU/USD): Triangle? Selling the breakout! (~ 1% trade)
Updated
Hey guys,
Following my last post on Gold (click on the related idea below if you haven't yet!), where I was bearish, it seems price has been consolidating here and there for a while.
The initial impulse (orange arrow) to the downside was strong, with a drop > 2.5% in one single day. Gold's price pulled back to previous key levels (Daily pivot points) but didn't manage to go higher, thus creating a potential triangle pattern.
The idea is to sell the breakout and target the next untested demand, as shown in my chart, around 1870-1871.50 levels.
I will monitor the position with a stop loss should price come back inside the triangle again.
The R/R ratio for this trade is slightly above 3.
Trade with care.
If you do like my ideas please leave a comment or show some ❤, it's always appreciated.
Best,
Jesse
Following my last post on Gold (click on the related idea below if you haven't yet!), where I was bearish, it seems price has been consolidating here and there for a while.
The initial impulse (orange arrow) to the downside was strong, with a drop > 2.5% in one single day. Gold's price pulled back to previous key levels (Daily pivot points) but didn't manage to go higher, thus creating a potential triangle pattern.
The idea is to sell the breakout and target the next untested demand, as shown in my chart, around 1870-1871.50 levels.
I will monitor the position with a stop loss should price come back inside the triangle again.
The R/R ratio for this trade is slightly above 3.
Trade with care.
If you do like my ideas please leave a comment or show some ❤, it's always appreciated.
Best,
Jesse
Trade closed: target reached
Nice trade
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