KVE
Short

XAU/USD: H&S, breakout, bat...?

FX:XAUUSD   Gold/U.S. Dollar
203 0 12
The H&S has formed and the neckline got re-tested so I'm favouring the downside.
To trade it there are several options, short based on a breakout of the smaller or larger TF trendline is the most obvious.

In case the retracement finished with the ABC it could just go up from here, that's why I probably won't trade short before I get confirmation based on the larger TF trendline , as per the short setup on chart.

X of possible WXY (who knows what we'll get, I don't...!) and pink bat C is based on a smaller bat (shown in very faint green since there's already enough on the chart...)

A reversal at that green bat completion point is the most ideal opportunity for a short entry, then the breakout of the smaller TF trendline , then the breakout of the larger TF trendline! The better the entry the bigger the risk, so choose wisely!

The pink bat is far from completion but it's D point is at a good support zone and at a level which I would also target for the H&S short, so it's important to keep in mind, and could make for a good long opportunity.

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