CommoditiesTrader
Short

Short on Breakout Close

FX:XAUUSD   Gold/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.

Related Ideas

alexeyhoroshunvk
2 years ago
Your idea is great. Whaiting for confirm.
Reply
CommoditiesTrader alexeyhoroshunvk
2 years ago
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
alexeyhoroshunvk
2 years ago
Are you shorting?
Reply
CommoditiesTrader alexeyhoroshunvk
2 years ago
Not yet, price looks to be consolidating.
Reply
We now have a breakout close to the upside
Reply
CommoditiesTrader CommoditiesTrader
2 years ago
Long on Breaout
+1 Reply
alexeyhoroshunvk CommoditiesTrader
2 years ago
Will wait. Wish you good luck and good traiding!
Reply
CommoditiesTrader alexeyhoroshunvk
2 years ago
You as well Price action still looks weak. May see more action around tomorrow's data
Reply
alexeyhoroshunvk CommoditiesTrader
2 years ago
We will have importan news today. May be them move gold.
Reply
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