1) If price closes above rectangle we can enter buy position.
2) If price closes below rectangle we can enter sell position
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Look carefully to the volume profile, the major range area of XAU is now between 1192 to 1207. 1192 was tested once as resistance but failed that time. However, it still cant break though 1207 trap that time. And now it comes drop back under the area and test again the resistance AGAIN, it provides a relatively good entry for selling! Worth to get a short once ...
I'll try to enter at bottom of triangle (hope it will touch it again) with narrow stop loss and marked targets - previous highs and 1.618 Fib extension.
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
From a classical charting point of view USDCHF has been the gift that keeps on giving in past week or so. Hopefully we see another push up with a break out of this possible bullish rectangle forming on the 60 minute chart.
we have a good pullback after we post our analysis, now we have a new pattern perform.
You can see channel up perform after triangle pattern break up.
We can buy verge if buyzone area reach at support channel up around 236 to 229.
In this setup, we have 2 target :
20% profit target at 273, and if this resistance break up we can set new target at
71% profit target ...
We are possibly seeing a reversal in trend after a break of a second rectangle pattern to the downside. We saw the break out of the 1st bigger rectangle back on 20th Sep and price has been making lower lows and lower highs since then. I'll be looking for a valid entry signal if a retest of the bottom horizontal boundary holds. Initial target @ 1.9572.
This rectangle break out in line with the trend is providing another chance to jump on this move to the upside on USOIL after price broke through the neckline of a continuation H&S pattern last week (daily chart).
Using some fib spirals to match the different box patterns, rotated the fib startpoint and directions clockwise between rectangles. The Spirals are color coordinated with cyclic lines. Shaded boxes are price intersections (past and hopeful).