Bullish Flag Pattern on Gold. Why Gold May Continue to go higher
Updated
Hey Traders, We are seeing a Bullish Flag Pattern on Gold. This Pattern is easy to see on the lower timeframes as it has not fully developed on the higher timeframes yet. I am showing this Flag Pattern on the 30 min Chart. I plan on entering a Long position if price can break out of the Flag Pattern & then have a shallow retest near the yellow area highlighted on the Chart. I will only enter if my conditions & criteria for entry are met.
I will be looking for a couple different entry reasons. First I will look for specific candle stick patterns. If I do not get a bullish candle stick pattern after the first retest, then I will wait to see if price can put in a double bottom with a bullish candlestick pattern combined. I will also be looking for decent Volume upon the breakout of the Flag pattern.
Feel free to comment with your analysis or any questions you may have regarding this setup. I apologize for the short description & I hope this was helpful! keep an eye out for my "How to read structure tutorial" as I will be publishing that asap and it will contain a ton of valuable information! Thanks & good luck traders!
I will be looking for a couple different entry reasons. First I will look for specific candle stick patterns. If I do not get a bullish candle stick pattern after the first retest, then I will wait to see if price can put in a double bottom with a bullish candlestick pattern combined. I will also be looking for decent Volume upon the breakout of the Flag pattern.
Feel free to comment with your analysis or any questions you may have regarding this setup. I apologize for the short description & I hope this was helpful! keep an eye out for my "How to read structure tutorial" as I will be publishing that asap and it will contain a ton of valuable information! Thanks & good luck traders!
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Possible head an shoulders playing out right now.Note
Reasons Why I Didnt Enter the Bullish Flag Pattern On Gold!
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