GOLD 1D LONG on the breakout of downwards channel
MAIN: LONG@1260 TARGET@1380 STOP LOSS@1240
(the short term uptrend and the channel temporary violation lead to breakout but have to be confirmed by both rsi and macd bullish readings)
ALTERNATIVE: SHORT@1210 TARGET1140 STOP LOSS@1230
(after short term trendline violation if support at 1211 does not hold test of the lower side of the channel is needed)
(the short term uptrend and the channel temporary violation lead to breakout but have to be confirmed by both rsi and macd bullish readings)
ALTERNATIVE: SHORT@1210 TARGET1140 STOP LOSS@1230
(after short term trendline violation if support at 1211 does not hold test of the lower side of the channel is needed)
Note
trade is confirmed but divergences in rsi and in macd are still pointing in a different direction. the 23% fib level @1240 can be used as a tight stop even though the 38% level @1200 can offer another supportTrade closed: stop reached
violation of the support. stop loss reached
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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.