XAUUSD, 4hr tf, sell on triangle breakout with ichimoku
Hello my friends,
Today is Friday and we are going to be on weekend soon. As the market is going to be on break, i found a good opportunity for XAUUSD.
Notice that XAUUSD formed a triangle pattern and it took 3 weeks for it to completely formed. Today it closed below the support on 4hr basis. Which is a good sign for bear or selling xauusd.
We already got some confirmations for selling XAUUSD.
1st confirmation is price below the kumo and it the color of cloud is red
2nd confirmation is price closed below trend line/support on 4hr basis
3rd confirmation is parabolic SAR is above the price indicating sell pressure
In case you're a fan of Elliott waves, this triangle could possibly be an ABC correction for XAUUSD. The triangle will be wave B and we are now seeing wave C movement.
I don't have any position yet on XAUUSD but i am planning to sell it on some retracement or retest of broken support. Entering it now won't yield a good RR ratio. I will only take this trade only if it retrace to 1937 as it will provide better RR ratio.
If price continue going down then we will skip this trade.
Sell limit XAUUSD 1937
Stop loss 1951
Take profit 1 @1923
Take profit 2 1909
RR ratio 1:2
Use only 1-2% risk
Good luck
Today is Friday and we are going to be on weekend soon. As the market is going to be on break, i found a good opportunity for XAUUSD.
Notice that XAUUSD formed a triangle pattern and it took 3 weeks for it to completely formed. Today it closed below the support on 4hr basis. Which is a good sign for bear or selling xauusd.
We already got some confirmations for selling XAUUSD.
1st confirmation is price below the kumo and it the color of cloud is red
2nd confirmation is price closed below trend line/support on 4hr basis
3rd confirmation is parabolic SAR is above the price indicating sell pressure
In case you're a fan of Elliott waves, this triangle could possibly be an ABC correction for XAUUSD. The triangle will be wave B and we are now seeing wave C movement.
I don't have any position yet on XAUUSD but i am planning to sell it on some retracement or retest of broken support. Entering it now won't yield a good RR ratio. I will only take this trade only if it retrace to 1937 as it will provide better RR ratio.
If price continue going down then we will skip this trade.
Sell limit XAUUSD 1937
Stop loss 1951
Take profit 1 @1923
Take profit 2 1909
RR ratio 1:2
Use only 1-2% risk
Good luck
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