Gold inside triangle pattern, wait for a break either way Short

Gold/U.S. DollarFXCM

Description

⋅ Sep 18, 2020 6:02 AM

Gold is going back and forth inside a triangle pattern for the last 4 weeks.

Currently, the triangle is getting narrower which indicates that price may
break out of the triangle very soon.

My plan is to sell at the upper TL of the triangle near 1968 with a small SL
above 1976. Initial TP will be at 1940.

If price breaks out of the triangle to the downside, then we can
definitely target the 1867 area as TP as well.

Comments

ProjectSyndicate

⋅ Sep 18, 2020 11:47 AM

everything looks good. valid technical setup.

Wolf_of_Trading

⋅ Sep 18, 2020 11:31 AM

thanks for sharing and i would like to share my idea

Saeed966

⋅ Sep 18, 2020 9:11 AM

Good job

KaltoireCapital

⋅ Sep 18, 2020 9:40 AM

@Saeed966, Thank you

FXCM

⋅ Sep 18, 2020 9:10 AM

Thanks for sharing!I think there's room for gold to push higher, as it is still holding above the ascending trend line from the larger time frame, this is my view on gold :

KaltoireCapital

⋅ Sep 18, 2020 9:41 AM

@FXCM, Thanks for sharing your video analysis with us

UnknownUnicorn999651

⋅ Sep 23, 2020 5:12 AM

your chart is very good, thanks!

Dave-FX-Hunter

⋅ Sep 21, 2020 5:34 AM

Still in this range, Im waiting.

Guapeva

⋅ Sep 19, 2020 2:16 PM

nice work! keep ut up

DayTrader4Life

⋅ Sep 19, 2020 4:37 AM

Nope, will go lower first, sorry