Base32

XAUUSD / H&S Idea

Long
Base32 Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
This looks like a inverse head and shoulder pattern, we could see more upside to 1907 (our target) which was measured from the distance between the shoulders or ' channel ' before the price broke down to form the head.

Two possible entries:

1. 1885
2. 1896

Set your own stoplosses. Use your own risk management. However, I'd like you to kindly note:

You can enter a little later on the top position, making sure it is a clear break before you enter to give you a little more confidence. You don't need to ' RUSH ' into your positions.

Be safe.

I will make a comment later on in this idea
Trade active
Comment:
Kindly Note:
Once you are in profit in ANY position, make sure you move your stoploss to entry OR just above it to secure any profit incase of a market redirection.
Trade active:
Trade Actions:

Move your Stop Loss 50 to 100 pips in front of entry.
Move your TP to 1899
Trade active:
Trade Actions:

Hold position, move your stop if needed.
Trade closed manually:
Banking Profit. Closing Trades.

Will re-enter when we find an appropriate price.

Related Ideas

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.