XAUUSD- Triangle breakout
XAU just experienced a major bullish rally after the release of the CPI report and has been bullish for the 2 months.
This consolidation into a triangle pattern after the bullish rally just had a breakout.
My initially temptation was to jump in on the 5min chart breakout, but I have been making rash decisions recently and been whipped out far too often.
This is my attempt to trade on the 15m and 30m charts going forward.
Looking for a pullback - retest of the breakout triangle at 1811.5 and targeting the top support of the triangle at 1815.
Disclaimer: I am by no means a professional trader, but an aspiring one. Hence please feel free to provide me with constructive criticism as I do want to improve and the only way is to be held accountable. I trade alone and do not have a close community/mentor to reach out to here in South Africa as yet.
This consolidation into a triangle pattern after the bullish rally just had a breakout.
My initially temptation was to jump in on the 5min chart breakout, but I have been making rash decisions recently and been whipped out far too often.
This is my attempt to trade on the 15m and 30m charts going forward.
Looking for a pullback - retest of the breakout triangle at 1811.5 and targeting the top support of the triangle at 1815.
Disclaimer: I am by no means a professional trader, but an aspiring one. Hence please feel free to provide me with constructive criticism as I do want to improve and the only way is to be held accountable. I trade alone and do not have a close community/mentor to reach out to here in South Africa as yet.
Trade closed: stop reached
price pulled back. What can i learn from this: Well the breakout candle did not show enough bullish strength and neither was the volume strong enough. Next time i will wait for a stronger breakout before jumping in.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.