Fxprotrader
Short

Sell Opportunity In Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
303 2 13
After a successful trade (link on the chart) we now have another opportunity in Gold             . Price has broken a daily uptrend and it's now consolidating. We should keep an eye for this consolidation to be over with a sharp move below the trendline supporting it and then sell the market. A head & shoulders may be formed if price moves a little higher and retrace after that.

Potential head & shoulders pattern:
snapshot



when do you sell the break and when do you sell the break and then correction?
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Fxprotrader PRO thelivingelite
That's a big topic.. It's all depends in structure. When we have a long term trend and we have a smaller degree correction against this trend, a breakout is all we need to enter with the direction of the trend. But when we have a possible trend reversal things are more complex. Sometimes i wait not only for the breakout of correction but for price to take out some previous swing points. Otherwise i look for a wave pattern in that correction.. I hope that helps.!
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