XAU/USD - How to trade this Rising Wedge
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Hello friends!
Gold (XAUUSD) had a strong run-up fueled by news surrounding political issues with the US and Iran.
As the hype settled down, the price topped out slightly above the psychological resistance at 1600.00.
This event was followed by a strong rejection with a 5% decline, leading to the swing low at 1535.00, which is the first confirmation point for our support as well as our Target trading a Rising Wedge.
To confirm a Rising Wedge pattern, we are looking for the following signals:
The breakout of a Rising Wedge usually happens very quick. I prefer catching my entry after a second confirmation candle.
As mentioned above, our target is located at the low of the Rising Wedge. Our Stop-Loss is located slightly above the most recent high of the pattern.
Feel free to share your ideas for Gold in the comments section.
I'm available on our monetæ Trading Telegram Channel, which is linked in my signature. Feel free to join us!
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Disclaimer: Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
Gold (XAUUSD) had a strong run-up fueled by news surrounding political issues with the US and Iran.
As the hype settled down, the price topped out slightly above the psychological resistance at 1600.00.
This event was followed by a strong rejection with a 5% decline, leading to the swing low at 1535.00, which is the first confirmation point for our support as well as our Target trading a Rising Wedge.
To confirm a Rising Wedge pattern, we are looking for the following signals:
- The price touched the Support & Resistance line at least 5 times
- Higher highs paired with declining volume (Divergence)
- A prior downtrend
- Increasing volume at the breakout
The breakout of a Rising Wedge usually happens very quick. I prefer catching my entry after a second confirmation candle.
As mentioned above, our target is located at the low of the Rising Wedge. Our Stop-Loss is located slightly above the most recent high of the pattern.
Feel free to share your ideas for Gold in the comments section.
I'm available on our monetæ Trading Telegram Channel, which is linked in my signature. Feel free to join us!
___
Disclaimer: Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
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