XAU/USD: Long from the bat, BUT: possible trendine breakout!
Possible bat to go long.
Please note: the B point has not retraced the full 38.2%!
However: we could be breaking the up trendline/channel to the downside which could give us a prolonged move down before possibly retesting the broken trendline.
SL below S/R and the bat's X point. Targets: 70% at TP1, 30% at TP2.
Position size a bit smaller than usual because of the bearish trendline breakout.
Please note: the B point has not retraced the full 38.2%!
However: we could be breaking the up trendline/channel to the downside which could give us a prolonged move down before possibly retesting the broken trendline.
SL below S/R and the bat's X point. Targets: 70% at TP1, 30% at TP2.
Position size a bit smaller than usual because of the bearish trendline breakout.
