Trade Idea: Gold Breaks Descending Channel
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Gold Breakout of a Descending Channel technical price pattern
All charts I provide are of the Daily time frame unless stated otherwise.
Key Levels: Broken resistance 1287.09 and descending channel resistance broken
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: Gold has eventually made the decision with breaking bullish
With a bullish bias that remains intact after the descending channel breaking.
Potential Trade Idea:
I am considering buying this pair again if the broken key level of 1287.09 now holds as a new support.
I will be looking for a strong bounce of this key level with a nice bullish reversal candlestick pattern.
Gold has an overall bullish bias, with the recent breakout now places this pair on my watch list to buy once again.
If prices come back to the key level with a good bullish signal, my first potential target will be at the previous descending channel lower high.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.