GOLD Head And Shoulders En Route To Targets
Hi Traders,
Hope you are all doing well.
I’m sure many of you have noticed that I don’t post on Mondays.
This is because I very seldomly take positions on Mondays.
However, if I have the time and a position presents itself, I will post it, regardless of the day/time.
Today I would like to post about a Head And Shoulders position on GOLD in the 4-Hour chart.
We had an ascending trendline follow the price up and after the right shoulder formed ( Shown on the chart ), we were expecting a break and retest of this pattern.
Now, the break of the Head And Shoulders pattern happened to be the same trendline that price was following. This gave us some nice confluence.
A simple retest of this Trendline would be enough to suffice a short entry.
We see that the very next candle gave us this retest and it was right here that our position was opened.
Our targets are previous price structure levels with the final target being the 1877.8 level.
We can scale out along the way.
I enjoy these larger 4-hour Swinging type setups. Even though they don’t occur as much, the chances of success with them are higher as the time frame is higher.
Who was it that said patience is a virtue? Haha,
I just practice sitting on my hands for as long as possible.
Good luck to everyone trading today.
Trade safe.
See you in the next one,
The Vortex Trader
Hope you are all doing well.
I’m sure many of you have noticed that I don’t post on Mondays.
This is because I very seldomly take positions on Mondays.
However, if I have the time and a position presents itself, I will post it, regardless of the day/time.
Today I would like to post about a Head And Shoulders position on GOLD in the 4-Hour chart.
We had an ascending trendline follow the price up and after the right shoulder formed ( Shown on the chart ), we were expecting a break and retest of this pattern.
Now, the break of the Head And Shoulders pattern happened to be the same trendline that price was following. This gave us some nice confluence.
A simple retest of this Trendline would be enough to suffice a short entry.
We see that the very next candle gave us this retest and it was right here that our position was opened.
Our targets are previous price structure levels with the final target being the 1877.8 level.
We can scale out along the way.
I enjoy these larger 4-hour Swinging type setups. Even though they don’t occur as much, the chances of success with them are higher as the time frame is higher.
Who was it that said patience is a virtue? Haha,
I just practice sitting on my hands for as long as possible.
Good luck to everyone trading today.
Trade safe.
See you in the next one,
The Vortex Trader
