Chart Pattern & Analysis
You have drawn a falling wedge, typically a bullish reversal pattern.
The price appears to be bouncing near the support, and you’ve projected a potential breakout to the upside.
Volume seems to be decreasing inside the wedge, which aligns with classic falling wedge behavior before breakout.
You're possibly anticipating a breakout towards the previous high around 3,547 (marked in blue).
Trade Setup (Bullish Bias)
Entry (BUY):
Around the current price zone: 3,314
Take Profit (TP):
Primary TP: 3,390 – This is just below the local swing high (conservative).
Extended TP: 3,547 – Based on the projected move from the wedge breakout.
Stop Loss (SL):
Below the recent low and wedge support: around 3,250 – to account for false breakouts and price noise.
Risk-Reward Estimate:
Risk: ~64 points (3,314 - 3,250)
Reward:
TP1: ~76 points (3,390 - 3,314) → ~1.2R
TP2: ~233 points (3,547 - 3,314) → ~3.6R
This setup favors patient traders waiting for confirmation of a breakout. Conservative traders could wait for a break above the wedge and retest before entering.
Would you like me to overlay the entry, TP, and SL zones visually on the chart for clarity?
You have drawn a falling wedge, typically a bullish reversal pattern.
The price appears to be bouncing near the support, and you’ve projected a potential breakout to the upside.
Volume seems to be decreasing inside the wedge, which aligns with classic falling wedge behavior before breakout.
You're possibly anticipating a breakout towards the previous high around 3,547 (marked in blue).
Trade Setup (Bullish Bias)
Entry (BUY):
Around the current price zone: 3,314
Take Profit (TP):
Primary TP: 3,390 – This is just below the local swing high (conservative).
Extended TP: 3,547 – Based on the projected move from the wedge breakout.
Stop Loss (SL):
Below the recent low and wedge support: around 3,250 – to account for false breakouts and price noise.
Risk-Reward Estimate:
Risk: ~64 points (3,314 - 3,250)
Reward:
TP1: ~76 points (3,390 - 3,314) → ~1.2R
TP2: ~233 points (3,547 - 3,314) → ~3.6R
This setup favors patient traders waiting for confirmation of a breakout. Conservative traders could wait for a break above the wedge and retest before entering.
Would you like me to overlay the entry, TP, and SL zones visually on the chart for clarity?
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Daily signals here
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.
Our telegram channel daily update here guys t.me/GOLDTRDAINGSIGNAL11
Daily signals here
Daily signals here
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.