Ascending Channel Pattern in GOLD Chart


Ascending Channel

Spotted an Ascending Channel pattern in the XAU\USD, a classical bullish pattern that gives us several interesting profiting opportunities.

We will take trades in the following way:
* ONLY LONG Trades when price hits the lower trend line (we will not take short trades while price is in this channel - always important to trade in the general direction). Stop loss will be right below the trend line and profit target will be at the opposite line.

* SHORT Trade if price breaks downwards and pulls back to the trend line from below. This can be a really powerful trade with very good risk:reward ratio.

Good luck ;-)

Michael