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

FX:XAUUSD   Gold Spot / 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.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out