GOLD - 11 months SYMMETRICAL TRIANGLE

2022年2月14日

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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS

🤝Let’s learn and grow together 🤝
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Hello Traders ✌

I like the Triangle but, as I have already said in past ideas, I look always also at proportions. I would not feel comfortable in saying this pattern is reverting a previous trend since it involves almost all the price range of the previous movement. So I would have preferred to see a breakout on the downside from this Triangle.
That said, the pattern of course exists and it is a good one so let's wait for an eventual decisive breakout.
If prices go towards the target, keep in mind that we will have to deal with the two previous levels at 1920 and 1963.
Be aware that trading with futures requires an adequate capitalization. Other instruments are available to trade the same scenario like GLD.

• Pattern Class: 🌕🌕🌕🌕🌑
  
• Target area: 2100
  
• Breakout area below: 1890
  

Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.

🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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