Gold set to rise a lot more vs. Chinese Yuan => pattern breakout Long

OANDA:XAUUSD/OANDA:USDCNH1W

XAUUSD/USDCNHOANDA

Description

⋅ Feb 20, 2018 11:02 AM

3-year inverted head & shoulders breakout in XAU/CNH (offshore yuan).

Targeting 258+

Order cancelled

⋅ Feb 20, 2018 1:56 PM

Ok, so I discovered belatedly that TradingView does not correctly invert forex crosses, which makes the above chart useless.

Xau.Usd / Usd.Cnh should be the same as Xau * Cnh, as the Usd cancels out. This does not happen with TradingView.

I did not spot this at first. the reciprocal is closer to 8,500 than 211.

Thus the original rationale is not valid

Comment

⋅ Feb 20, 2018 2:00 PM

The correct chart looks like this:

Shows a descending triangle with an inner formation. Potentially still bullish, but not yet.