Hey Traders, I recently published an idea regarding Gold being in a long term Symmetrical Triangle formation. I expressed that the target for that trade would be close to a $330 move!! We do not know if this is a false breakout therefore I would not recommend treating this like a breakout yet. I am personally waiting for entry based on a couple different conditions. I think the metals are due for a pullback however it looks like Gold wants to touch 1,310 first. I have attached a couple charts below showing some of my conditions for a long entry.
Conditions for entry If:
1) If price pulls back to the 100 period SMA without violating its most previous major low, I will be looking for long positions.
2) I will also be looking for long positions if price can pull back into one of the yellow zones shown on the chart below.
3) Price breaks above its most recent high followed by a shallow retest while showing signs of strength. There must be heavy volume on the break above the most recent high in order for me to look for entry on the retest.
Please check out my idea- "How to read structure (Charts) Tutorial. Charts 1-5" if you would like to know more about how I read structure to identify trading opportunities. I hope this idea was helpful! Please comment below with your analysis or any questions you may have regarding this setup. Thanks traders and good luck trading!
Conditions for entry If:
1) If price pulls back to the 100 period SMA without violating its most previous major low, I will be looking for long positions.
2) I will also be looking for long positions if price can pull back into one of the yellow zones shown on the chart below.
3) Price breaks above its most recent high followed by a shallow retest while showing signs of strength. There must be heavy volume on the break above the most recent high in order for me to look for entry on the retest.
Trade active:
Hey Traders, we got the pullback into the yellow zones that we were looking for and price is sitting on the 100 period moving average. I have opened a long position on Gold. I will also be playing the Gold/Silver Miners as I believe a big move is to come in the miners if gold continues to rise!
