We see a breakout of a Descending Triangle on our 4HR Gold chart.
We have already broken the top, and are currently retesting. Once weve seen the top of the pattern hold for at least this bar + one more, we should be ready for entry.
Target from original break point should be around 210$ X our chances our reaching the target (0.64 or 64%) and we get a span of ~134$
Entry: after retest is confirmed
TP: ~2041$
SL: Last bottom touch of pattern ~1850
R/R: 2.3 - 2.7 depending on entry
Pattern information and accuracy ratings: thepatternsite.com/dt.html
We have already broken the top, and are currently retesting. Once weve seen the top of the pattern hold for at least this bar + one more, we should be ready for entry.
Target from original break point should be around 210$ X our chances our reaching the target (0.64 or 64%) and we get a span of ~134$
Entry: after retest is confirmed
TP: ~2041$
SL: Last bottom touch of pattern ~1850
R/R: 2.3 - 2.7 depending on entry
Pattern information and accuracy ratings: thepatternsite.com/dt.html
Comment:
There has not been a very convincing break of the pattern (volume wise).
I will be taking an entry here, ~1905 however I am not recommending anyone else trade this pattern.
I will be taking an entry here, ~1905 however I am not recommending anyone else trade this pattern.
Trade closed manually:
We havent had anything like the volume I would like to see, so I will be closing this one slightly in profit and wait for the next pattern to show.
This has invalidated TP and SL numbers above, and brings the pattern back into play for either direction (triangles are 'bilateral' patterns).
We will wait for a break of either direction with solid volume to re-plan our entries and exits.
Most likely a down move from here as the upward break failed.