Gold: How to Trade in the Bullish Market
The price did not move downside to SMA100, and instead of it, we got a consolidation in the borders of a small triangle. Some of you can call this pattern as a pennant, and you will have the right for this.
The price consolidates before a new move. The direction of the further market movement will depend on the direction of a breakout.
If the price breaks the support line of the pattern, you will be a bearish signal with the main target at SMA100. We have the main bullish trend, and a possible downside movement will be a correction wave in the global uptrend structure. It will be possible to sell using close profit targets as we will trade against the main trend.
If the price breaks the resistance line of the pattern, it will give a new bullish signal. The buyers will try to break the local swing high and reach 1800.00 resistance. I should say it will be the main profit target for buyers.
It will be possible to search for exact entry points for buy trades using the daily and hourly timeframes. All trades must be used with stop orders and proper risk management.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price consolidates before a new move. The direction of the further market movement will depend on the direction of a breakout.
If the price breaks the support line of the pattern, you will be a bearish signal with the main target at SMA100. We have the main bullish trend, and a possible downside movement will be a correction wave in the global uptrend structure. It will be possible to sell using close profit targets as we will trade against the main trend.
If the price breaks the resistance line of the pattern, it will give a new bullish signal. The buyers will try to break the local swing high and reach 1800.00 resistance. I should say it will be the main profit target for buyers.
It will be possible to search for exact entry points for buy trades using the daily and hourly timeframes. All trades must be used with stop orders and proper risk management.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Penafian
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