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XAUUSD Gold Triangle Pattern and Trade Setup XAUS300601

XAUUSD Gold Triangle Pattern and Trade Setup

Pattern /Reason: Triangle Pattern

Description: Gold is trading in a triangle and printing a symmetrical triangle pattern. Backtest show that the triangle can be broken both ways. So we have two different trade setups.

Bearish Breakout would validate Head&Shoulders pattern as well.

Bearish Breakout Scenario

Time Frame: H1 / H4

Accuracy of the Pattern: 72%

Setup No: XAUS300601

Recommended Lot: 0.20

Trade Period: Intraday/ Medium Term

Active/Pending: Pending

Trade: Short

Entry: 1405

Stop Loss: Above 1414

TP1: 1399 / Reached

TP2: 1392 / Reached

TP 3: 1382

The structural target of the pattern: 1352

Divergence/ Convergence Confirmation: M30 RSI Bearish Divergence… H1 STOCH, OSMA Bullish Divergence, H4 Awesome Bearish Divergence,

Candle Pattern Confirmation: Not Yet – Will be updated.

Moving Average Confirmation: Nothing Particular

The trend of the Timeframe: Neutral

The trend in the Daily Chart: Bullish

Notes:

  • The area entry is the estimated breakout level calculated by Murrey Math & Moving Average Readings. We have shared the idea and the chart via Tradingview. You can follow the setup to breakout or you can get in touch with us to get the confirmation.
  • Before the bullish/bearish breakout, if we see another pattern completed, we will update.

Bullish Breakout Scenario

Time Frame: H1 / H4

Accuracy of the Pattern: 72%

Setup No: XAUS300602

Recommended Lot: 0.20

Trade Period: Intraday/ Medium Term

Active/Pending: Pending

Trade: Long

Entry: 1422

Stop Loss: Below 1415

TP1: 1429

TP2: 1437

TP 3: 1446

The structural target of the pattern: 1468

Divergence/ Convergence Confirmation: M30 RSI Bearish Divergence… H1 STOCH, OSMA Bullish Divergence, H4 Awesome Bearish Divergence,

Candle Pattern Confirmation: Not Yet – Will be updated.

Moving Average Confirmation: Nothing Particular

The trend of the Timeframe: Neutral

The trend in the Daily Chart: Bullish

Notes:

  • The area entry is the estimated breakout level calculated by Murrey Math & Moving Average Readings. We have shared the idea and the chart via Tradingview. You can follow the setup to breakout or you can get in touch with us to get the confirmation.
  • Before the bullish/bearish breakout, if we see another pattern completed, we will update.


Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

Gold Triangle Pattern: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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