Yuriy_Bishko

GOLD (XAUUSD) broke down triangle.

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
I will open Sell after pullback and fake broke near $1288
because:
- Price broke down triangle
- Daily candle close under it

After 100 like I will do all updates and will write S/L and T/P points it there will be an entry
Comment: Gold bounced hit $1276
There will be new sell entry if daily candle will close under $1276

I wait on confirmation
Comment: Next sell entry will be after break down of key level $1276
Comment: Price bounced up from key level $1276
I wait when the price will come close to $1288 there could be a good entry point

Our basic scenario. Price come to key level $1288 make fake broke and 1hour candle close under it - that will be that best sell signal

Comment: Also, Buy scenario

There will be a Buy signal if the price will break up $1288 and 1-hour candle will close above it.
That will be the best buy signal
Comment:

Comments

Apex" and Top of triangle now broken. Add 60%.
Thats called a Busted sym tri.
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Yuriy_Bishko Iskandarglenn
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Finished at the start of tri. Back to apex
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Iskandarglenn Iskandarglenn
I think we need a wave5.
A busted triangle is a breakout in which prices moves <5% and then returns to the pattern and breaks out other side. NB If you see a busted pattern and the new breakout confirms. (Close outside triangle).... trade the new direction and enjoy the ride. Encyclopedia of chart pattern page 756.
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Thanks for the updates, i am watching this opportunity closely
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@Omhhh, You are welcome
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These pullbacks don't happen that often, I don't like that way of doing things, just means you rarely get filled on winners and eat every single loser. My two cents.
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Another possible development :
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@ReallyMe, i think so
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I think short-term Gold will retrace as follows, first retracement (Wave A) to $1266
then pullback (Wave B) and after that second retracement (Wave C) to $1260
Reply
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