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