As you can see gold has broken out, and I took a position after 1st 4 hour candle.
The break out happened on good volume. This is a very simple set up. It doesn’t get much easier than this!
Written with assistance of Grammerly software
The break out happened on good volume. This is a very simple set up. It doesn’t get much easier than this!
Written with assistance of Grammerly software
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so I take partial profit at 1717 as there is decent resistance here. I let the rest ride and move stop to break even.
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Where we are at. GC broke out of smaller wedge at lower red trend line. Now you can think of price now in bigger wedge bound by upper red trend line. And bound by support of lower red trendline and forming down parallel channel. Now we wait for hopeful another breakout from bigger wedge. If break below lower red trendline then I will take rest of profits there
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Gold trade still doing okay. Light blue rectangle is area of support/resistant. If price breakthrough top of rectangle I will add to my position again on retest (confirmation).
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Exited this trade at 1732.70
Entry at 1705
Entry at 1705