XAU/USD: Triangle breakout could be imminent!

FX:XAUUSD   Gold/U.S. Dollar
336 0 9
5 months ago
I've been drawing triangles on Gold             all week, they changed form every day..., the exact lines are less important though, the triangular structure is...

The BB squeeze started on smaller TF's and now the 4H has also squeezed, momentum indicators are flat, I think we should see a breakout soon (next few days)...

The triangle can break both ways but I'm still counting on bullish trend continuation.

The best possible long entry would be on a false breakout (setup on chart)..., not sure if we'll get it but if we do then great! There is some risk involved with this setup so it's best to either use a tight SL or start the position small and use a wider SL...

The alternative is to trade a confirmed breakout...
5 months ago
Comment: Triange breakout occurred, no ideal entry..., I entered at the resistance level with a small position, no SL set at this time, no target either, I think the longterm is up.

To trade bigger on this breakout is a bit dangerous maybe, feels like chasing the price, have bearish divergence on several TF's, so best to wait a little before adding or entering a larger position, I will look to see if we get a re-test of the triangle now...

If we do or If we don't retrace very far (below the resistance we are at now) then next week will possibly be a good week to look for more longs...

Current situation:
5 months ago
Comment: Clearer view...:
5 months ago
Comment: Depending on where one went long and on what is ones strategy and risk sentiment this might be a good spot to either take profit or trail SL. We are at the trendline now and the 4H is overbought. We might see some retracement (Silver also could have topped for now).
I'm keeping my long from the breakout since I believe the longterm is up and I would rather catch the move to come if the trendline eventually breaks!
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out