XAUUSD (Gold) Flagpole & Pennant Formation?
Looking at gold I think we're seeing a classic candlestick formation, signifying continued momentum.
The significant rise of gold due to risk-off geo-political factors has created the pole, profit-taking and uncertainty at these higher levels has caused a slight retracement, however the bears can't take control, which is causing the pennant (LH's with HL's).
This pattern normally suggests continuation in the direction of the main trend, I'm therefor looking for an entry on LTF's around the pennant lower border (1979), to the pennant top (2000) and then another entry using the same principle, after which I expect a breakout through the top with a target of 2015 (my resistance line), or alternatively another zigzag before the break (so important to be vigilan6t to get more pips, or just leave the trade as I don't expect the SL to breach if the overall idea is correct).
Ultimately I think we'll be heading up to meet the ATH (my red line), but this moves fast and so important for me to get in and get out.
The significant rise of gold due to risk-off geo-political factors has created the pole, profit-taking and uncertainty at these higher levels has caused a slight retracement, however the bears can't take control, which is causing the pennant (LH's with HL's).
This pattern normally suggests continuation in the direction of the main trend, I'm therefor looking for an entry on LTF's around the pennant lower border (1979), to the pennant top (2000) and then another entry using the same principle, after which I expect a breakout through the top with a target of 2015 (my resistance line), or alternatively another zigzag before the break (so important to be vigilan6t to get more pips, or just leave the trade as I don't expect the SL to breach if the overall idea is correct).
Ultimately I think we'll be heading up to meet the ATH (my red line), but this moves fast and so important for me to get in and get out.
註釋
Not gonna trade until I see the break of the pennant
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。