You can see that Gold is going under a big squeeze now on 4 hour chart. Compare this to previous squeeze and you see that they look like each other. You can see from chart what happened to gold with the squeeze before. History often repeats itself (except when it doesn't)
Now look at yellow down wedge. This often means that a move to upside is coming. If price breaks through upper yellow like this is your entry trigger. You can also see 618 fib is support. You can take the trade on the breakout, or on retest of yellow down line. But the longer you wait the further and further the yellow down wedge get's and you risk missing it altogether. This is why I almost always take breakout on sloping trendline, and I'm more likely to enter on retest of horizontal line (a horizontal line doesn't get away from you)
You can see price targets in grey boxes with final target of 1826, or the 382 fib line.
I like how the stars align on this. But only if Gold breakouts to the upside.
Happy trading! Please give me thumbs up if you found this helpful.
<3 Miss Bunny
Now look at yellow down wedge. This often means that a move to upside is coming. If price breaks through upper yellow like this is your entry trigger. You can also see 618 fib is support. You can take the trade on the breakout, or on retest of yellow down line. But the longer you wait the further and further the yellow down wedge get's and you risk missing it altogether. This is why I almost always take breakout on sloping trendline, and I'm more likely to enter on retest of horizontal line (a horizontal line doesn't get away from you)
You can see price targets in grey boxes with final target of 1826, or the 382 fib line.
I like how the stars align on this. But only if Gold breakouts to the upside.
Happy trading! Please give me thumbs up if you found this helpful.
<3 Miss Bunny
Comment:
if gold price drop below yellow line then the long trigger will be invalid and no longer applyable. if it drop below yellow line I would not necessarily take the short side as the opposite isn't necessarily true. Stay tuned!
