Koryphaeen
Long

XAUUSD long idea

FX:XAUUSD   Gold Spot / U.S. Dollar
319 2 3
Earlier today I was analyzing this idea, to not buy the gold             when everybody said it must be bought, but wait until the descending triangle will complete and eventually a breakout to either side occurs. As awaited, the breakout came to the downside, urging for early completion of that Gartley pattern presented in the chart below. Price action can very easy continue to the downside until the red arrow trendline support is hit. I am waiting for a rally from there, but I really do not want to miss this one, so I got long at the completion of the Gartley . Details of entry, SL and TP on the chart below.
Agree, im also waiting a rally for gold. Patiente is a virtue to wait for our "ideal" setup to complete. Regards.
+1 Reply
Koryphaeen FullTimeTrader
Yes indeed. I followed your idea today, but didn't made the long because of the descending triangle, although it was a big one and completed almost till the end, which is also a sign of weakness. So we could see a nice rally soon, anyway I am already long on this. Have a good trade! Regards.
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