XAUUSD 4H Triangle

This week we're also going to share the 4H chart we've been monitoring during this consolidation. We've taught members on this group before about symmetrical triangles and how they're known to give false signals.

IF this is a symmetrical triangle on the 4H we need to keep a close eye on it and look for the breakout. Its likely that if this breaks to the upside that will be the false breakout, it should give us our 1810 level for a short. If this breaks to the downside first then we'll look for the lower levels to find support to take a long. We won't know until the market makes its move and the price finds its feet, we're sharing it with you so you can add it to your charts and also keep an eye on this pattern.

We'll wait for Excalibur to give us an indication tomorrow and share it with you all once we have confirmation. All the main moving averages are starting to align straight and tightly together. This is the time to stay safe in the markets and trade very small lots, not to risk your accounts trying to catch the breakout. We've seen this many times, it will spike both ways to trigger stops and orders before then resuming with the short-term trend.

As always, trade safe.

KOG

Comment:

We're moving our sell zone target down towards the 1790-95 level