Hey guys,
Following my last post on Gold (click on the related idea below if you haven't yet!), where I was bearish, it seems price has been consolidating here and there for a while.
The initial impulse (orange arrow) to the downside was strong, with a drop > 2.5% in one single day. Gold's price pulled back to previous key levels (Daily pivot points) but didn't manage to go higher, thus creating a potential triangle pattern.
The idea is to sell the breakout and target the next untested demand, as shown in my chart, around 1870-1871.50 levels.
I will monitor the position with a stop loss should price come back inside the triangle again.
The R/R ratio for this trade is slightly above 3.
Trade with care.
If you do like my ideas please leave a comment or show some ❤, it's always appreciated.
Best,
Jesse
Following my last post on Gold (click on the related idea below if you haven't yet!), where I was bearish, it seems price has been consolidating here and there for a while.
The initial impulse (orange arrow) to the downside was strong, with a drop > 2.5% in one single day. Gold's price pulled back to previous key levels (Daily pivot points) but didn't manage to go higher, thus creating a potential triangle pattern.
The idea is to sell the breakout and target the next untested demand, as shown in my chart, around 1870-1871.50 levels.
I will monitor the position with a stop loss should price come back inside the triangle again.
The R/R ratio for this trade is slightly above 3.
Trade with care.
If you do like my ideas please leave a comment or show some ❤, it's always appreciated.
Best,
Jesse
Trade closed: target reached
Nice trade
Related publications
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.
Related publications
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.