tyross
Long

XAUUSD - Descending Triangle on the 2 hour - PLAYBOOK

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
After initially buying at 1448 I took profit 200 pips up now at the 38.2% fib resistance plus our price structure resistance .

I now see a Descending Triangle in play - go to babypips.com website to learn about it....

I have a sell order at the previous lows in anticipation for a double bottom ... if i see support again at 1446 i will buy again and await the breakout of the triangle

A breakout above would offer 400 pip movement to 1489 as part of the descending triangle playbook. If we can reach 1489 - 1500 may be on the horizon.


Comment: We also need to considered the following

- Resistance fib + price action
- Stochastic downward moving
- CCI - Was overbought and crossed downward
- RSI - Heading to cross below 50

The mid term looks set for the pattern to play out for now.

Comments

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