( +100 , +10 BE) week6 XAUUSD h1 entry Multiple Time Frame

https://nakedchartist.wordpress.com/tag/gold/

I am still following through my initial big idea on gold finding support on a Monthly trendline.
However, that will be a timeframe too large to trade on.

I have entered two position on a h1 setup and will record my MTF perspective on Gold.

On Monthly, price seem to close above a line chart level that I have identified. So I will have to assume that month will be upmonth.

week6 xauusd monthly chart 050214

On D1, I do see price looking to form a potential Double Bottom with a nice d1 1234 pattern.

week6 xauusd d1  potential double bottom play 050214

On h4, I see a h4 bullish expansion week which seem to say price has an established upflow, followed by consolidation, which thus forms a bullish flag.

week6 xauusd h4 bullish flag with ihs breakout 050214

I have used this h1 1234 to get entry into this bullish flag, which also could be the right shoulder of an inverted head and shoulder.

I am looking to see if this bullish flag be the propellor to drive price to close above and WR this D1 1234. once completed, I will look to long more to towards the neckline.

week6 xauusd h1 small 1234 the right shoulder 050214

updated 060214

I will say this h1 1234 trade has been ok. Somehow the h1 setup worked, although price did not/ have not yet travelled far enough according to the big picture.

What probably happened was I had caught the pips in a volatile moment, in accordance to the right direction. The bullish bias is still on, the D1 big setup is still waiting to be triggered.
On tp2, I could have done better to match my TP level with an’ already seen’ d1 line chart level rather than a predctive ” fibo tp1″.
Will work towards the next higher level in trade exit.
overall still satisfied with this trade.

week6 xau h1 trade outcome could have done better 060214

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