Symmetrical Triangle on XAU/USD @ D1
Gold (XAU/USD) is currently consolidating inside a symmetrical triangle pattern on its daily chart. I will try to use it as a trend continuation breakout setup. My potential entry is marked by the cyan line, which is located at 10% of the triangle's base width above the upper border. My take-profit will be at the green line, which is located at 100% of the triangle's base width above the upper border. I will set my stop-loss to the triangle's lower angle (the red line at 1934.12). I will ignore bearish breakouts from this formation.
Trade active
Long entry triggered yesterday at 13:32 UTC. Entry = 1989.59, SL = 1934.12, current TP = 2051.08 (it will go down with the slope of the green line each day).Trade closed: target reached
Take-profit of 2036.28 reached at 12:42 UTC today.
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You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
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.