tRex88

GOLD Megaphone top setup

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold             ( XAUUSD             ) has formed a megaphone top on hourly chart. We will take decision based on the price action which is going to unfold.

Keep watching this space for more updates of targets and SL
Comment: Short below $1343

T1: $1337
T2: $1333
T3: $1326

SL: $1351
Trade closed: target reached: T1: $1337 achieved
Trade active
Trade closed: target reached: T2: $1333 achieved
Trade active
Comment: moving towards megaphone bottom and forming head and shoulders

Trade closed: target reached: T3: $1326 achieved
Comment: We will keep an eye on Gold and take further action based on our charts.
Keep watching this space for more updates
Comment: We will go short below $1319

T1: $1312
T2: $1307
T3: $1297

SL: $1327
Comment: After triggering the short trade on Sep 14 it hit our SL immediately indicating a fake out.

Later Gold again fell below $1319 on Sep 16 and we have so far achieved T1: $1312 and T2: $1307 and moving SL to cost and waiting for T3: $1297
Nice one
+1 Reply
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