GOLD LONG TERM IDEA
HELLO Gyus this is my trading idea about XAUSD GOLD .
Yes, it's important to note that the bullish cup handle pattern on the monthly chart typically requires a breakout above a resistance level to confirm the bullish trend continuation. The handle portion of the pattern typically forms below the resistance level, and a breakout above that level signals that the buyers have regained control and are willing to push prices higher. Without a breakout above the resistance level, the bullish cup handle pattern may not be confirmed, and the security may continue to trade within its range or even reverse back to a bearish trend. Therefore, it's essential to monitor the price action carefully and wait for a confirmation of the breakout before taking any trading actions based on the cup handle pattern.
Thank You
Yes, it's important to note that the bullish cup handle pattern on the monthly chart typically requires a breakout above a resistance level to confirm the bullish trend continuation. The handle portion of the pattern typically forms below the resistance level, and a breakout above that level signals that the buyers have regained control and are willing to push prices higher. Without a breakout above the resistance level, the bullish cup handle pattern may not be confirmed, and the security may continue to trade within its range or even reverse back to a bearish trend. Therefore, it's essential to monitor the price action carefully and wait for a confirmation of the breakout before taking any trading actions based on the cup handle pattern.
Thank You
TURTLE TRADER 7