CommoditiesTrader
Short

Short on Breakout Close

FX:XAUUSD   Gold Spot / U.S. Dollar
On "Long on Breakout," I was looking to go long on a breakout close, which failed to happen thus no trade opportunity. Price action was rejected twice on the descending trend line .

A shorting opportunity is probable, and the same close on breakout condition remains. Downside targets are in blue.

This is the perfect reason why a close confirmation is needed and why trades are not entered on "breaks."

As always, non-biased. Will short or long when opportunities present themselves.
We now have a breakout close to the upside
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CommoditiesTrader CommoditiesTrader
+1 Reply
alexeyhoroshunvk CommoditiesTrader
Will wait. Wish you good luck and good traiding!
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CommoditiesTrader alexeyhoroshunvk
You as well Price action still looks weak. May see more action around tomorrow's data
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alexeyhoroshunvk CommoditiesTrader
We will have importan news today. May be them move gold.
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Are you shorting?
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CommoditiesTrader alexeyhoroshunvk
Not yet, price looks to be consolidating.
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Your idea is great. Whaiting for confirm.
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CommoditiesTrader alexeyhoroshunvk
Thank you. I believe the longer it trades near the triangle apex, the larger the confirmed breakout.

I try to be non-directional biased, so I'll patiently await confirmation in either direction!
+1 Reply
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