September 5, 2013
- in Uncategorized by schooloftrade
Gold Day trading strategy Gold
8:00am EST
We begin our morning prep by reviewing the blog this morning
and planning our day ahead of us.
and planning our day ahead of us.
We got winning trades on the Gold for the Opening-bell Breakout,
and a losing trade on the Euro. We see
about +30ticks of profit on the Gold and -10ticks on the Euro.
and a losing trade on the Euro. We see
about +30ticks of profit on the Gold and -10ticks on the Euro.
8:30am EST
Jobless Claims come out lower than expected, which is bullish
for the USD.
for the USD.
*(US) INITIAL JOBLESS CLAIMS: 323K V 330KE; CONTINUING CLAIMS:
2.951M V 2.99ME- 4-week avg claims: 328.5K v 331.50K prior (lowest since Oct
2007) – Prior Initial Claims revised higher from 331K to 332K – Prior
Continuing Claims revised higher from 2.989M to 2.994M
– SourceTradeTheNews.com
2.951M V 2.99ME- 4-week avg claims: 328.5K v 331.50K prior (lowest since Oct
2007) – Prior Initial Claims revised higher from 331K to 332K – Prior
Continuing Claims revised higher from 2.989M to 2.994M
– SourceTradeTheNews.com
Gold Futures Analysis:
 |
| Gold Anchor Chart 1 |
We can see the long-term trend continues to be bullish on Gold
Futures this morning, and the 5400-tick anchor chart shows us major support at
1372.0 and an excellent buying opportunity at the lows of the price-channel at
1352.9 and 1338.8. we would love to buy
the lows of this price-channel or use any major support level for a price-reversal
followed by the buying opportunities as price-action moves higher with the long-term
trend.
Futures this morning, and the 5400-tick anchor chart shows us major support at
1372.0 and an excellent buying opportunity at the lows of the price-channel at
1352.9 and 1338.8. we would love to buy
the lows of this price-channel or use any major support level for a price-reversal
followed by the buying opportunities as price-action moves higher with the long-term
trend.
One last look at the 5400-tick anchor chart, we can see the short-term
trend is bearish, with a red cloud.
trend is bearish, with a red cloud.
 |
| Gold Anchor Chart 2 |
We can see a price-wedge on the 1800-tick anchor chart of Gold
this morning along with a bearish trend that matches the bearish trend we saw
on the 5400-tick chart. We want to sell
short on Gold this morning using the directional clues from the anchor charts.
this morning along with a bearish trend that matches the bearish trend we saw
on the 5400-tick chart. We want to sell
short on Gold this morning using the directional clues from the anchor charts.
 |
| Gold Entry Chart |
The 600-tick chart is just about right to change from bullish
to bearish trend, and when it does we will be selling short using our Wave
pattern this morning. Ideally, we want
to see a new lower-low followed by a test of our trigger-zone and then once price-action
moves lower we will enter short on either the 600 tick or 200 tick entry
charts.
to bearish trend, and when it does we will be selling short using our Wave
pattern this morning. Ideally, we want
to see a new lower-low followed by a test of our trigger-zone and then once price-action
moves lower we will enter short on either the 600 tick or 200 tick entry
charts.
We are just below the average volume for this time of day, so we know things are a little slower than we would like them, and we know we need to be patient to wait for that new lower-low so we can get selling short today!
 |
| Gold 30-Minute Chart |
On the 30-minute chart I am at the lows of the range from
Wednesday, which tells me the sellers clearly had control, but now we see the price-action
stalling on top of the support at the PLOD at 1384.3. This tells us the sellers have tried, and
they have failed. If we can go higher we
can use the InsideOut Set-up to buy the PLOD after the sellers failed to move
lower. Another opportunity Is to wait
for a new lower-low below 1381.0 and then sell short using the Wave pattern down
to the 1373.6 and 1367.8 for your profit-targets.
Wednesday, which tells me the sellers clearly had control, but now we see the price-action
stalling on top of the support at the PLOD at 1384.3. This tells us the sellers have tried, and
they have failed. If we can go higher we
can use the InsideOut Set-up to buy the PLOD after the sellers failed to move
lower. Another opportunity Is to wait
for a new lower-low below 1381.0 and then sell short using the Wave pattern down
to the 1373.6 and 1367.8 for your profit-targets.
