Currently we are seeing the formation of a Triangle pattern on XAUUSD on the hourly timeframe,
To identify the breakout of the Triangle pattern, look at volume on the breakout
Should gold Continue its Bullish trend, we might see Gold break past its previous high
Should gold however, should it go on a Bearish trend, we might see it drop back down to around
1273-1247
Possible entry: As we dont know which way the market will move, we could set 2 entry levels,
one above the previous high at around 1325 to catch the bullish breakout and another at around 1312
to catch the bearish breakout
Disclaimer: Make sure you have a proper trading plan and risk management strategy before engaging in any trade.
To identify the breakout of the Triangle pattern, look at volume on the breakout
Should gold Continue its Bullish trend, we might see Gold break past its previous high
Should gold however, should it go on a Bearish trend, we might see it drop back down to around
1273-1247
Possible entry: As we dont know which way the market will move, we could set 2 entry levels,
one above the previous high at around 1325 to catch the bullish breakout and another at around 1312
to catch the bearish breakout
Disclaimer: Make sure you have a proper trading plan and risk management strategy before engaging in any trade.
Trade active:
Entered Gold at 1312, currently monitoring trade activity, we should see a much larger drop in reference to its previous climb
Trade closed manually:
exited trade at 1309 when i saw that the next fall was in conjunction with the previous fal