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