XAUUSD- Triangle breakout
Updated
XAU just experienced a major bullish rally after the release of the CPI report and has been bullish for the 2 months.
This consolidation into a triangle pattern after the bullish rally just had a breakout.
My initially temptation was to jump in on the 5min chart breakout, but I have been making rash decisions recently and been whipped out far too often.
This is my attempt to trade on the 15m and 30m charts going forward.
Looking for a pullback - retest of the breakout triangle at 1811.5 and targeting the top support of the triangle at 1815.
Disclaimer: I am by no means a professional trader, but an aspiring one. Hence please feel free to provide me with constructive criticism as I do want to improve and the only way is to be held accountable. I trade alone and do not have a close community/mentor to reach out to here in South Africa as yet.
This consolidation into a triangle pattern after the bullish rally just had a breakout.
My initially temptation was to jump in on the 5min chart breakout, but I have been making rash decisions recently and been whipped out far too often.
This is my attempt to trade on the 15m and 30m charts going forward.
Looking for a pullback - retest of the breakout triangle at 1811.5 and targeting the top support of the triangle at 1815.
Disclaimer: I am by no means a professional trader, but an aspiring one. Hence please feel free to provide me with constructive criticism as I do want to improve and the only way is to be held accountable. I trade alone and do not have a close community/mentor to reach out to here in South Africa as yet.
Trade closed: stop reached
price pulled back. What can i learn from this: Well the breakout candle did not show enough bullish strength and neither was the volume strong enough. Next time i will wait for a stronger breakout before jumping in.
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