XAUUSD seems to be ready to break up this triangle📐 and if successful I think there is chance for run to 2210 and even higher. Setting BUY STOP-LIMIT order to catch the breakout. GOLD come on!
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- ENTRY: local high @ 1877
- STOPLOSS (SL): local low @ 1753
- TARGET (TP): height of the triangle projected from midpoint of the local range (BUY STOP-LIMIT - SL) @ 2210
- REWARD RISK RATIO (RRR): 2.7
- INVALIDATION: when SL level hit
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Note
Price got hammered by the yellow downtrendline. Another triangle (orange) in the making? Will be interesting to watch which way the price will break out of the local range (BUY STOP-LIMIT - STOPLOSS).Note
Just getting interesting. Breakout either way (BUY STOP-LIMIT = long; STOPLOSS = short) could decide the direction for next weeks/months.Trade active
Order filled ✔️Price breaking both triangles (yellow and orange) and also trying to break the swing high (BUY STOP-LIMIT).
Note
Swing high (BUY STOP-LIMIT) broken and price then spiked with a vengeance to hit the resistance 1960 (white). Now back down slighly above the entry level. I think we could see price action as shown by the yellow path projection. 1st down to retest the triangles upper edges, and then up up up. Resistances (white) along the way Note
So we went straight up to hit the 2050 resistance. Now pulling back down and test of the triangles upper edges (as mentioned before) being still in the cards.
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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.