August 5, 2013
- in Uncategorized by schooloftrade
Gold day trading strategy
Gold Anchor Chart:
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| Gold Anchor Chart #1 |
We can see Gold
is trading inside a very wide price-wedge this morning in the long term, and in
a very narrow sideways-trading-range in the short-term today.
is trading inside a very wide price-wedge this morning in the long term, and in
a very narrow sideways-trading-range in the short-term today.
We can see
trend line resistance above us along with trigger-zone resistance at
1323.0.
trend line resistance above us along with trigger-zone resistance at
1323.0.
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| Gold Anchor Chart #2 |
We have support levels below us
around the 1300.0 big-round-number which we will discount the value-of and use
the trigger-zone #2 down at 1290.5 as our best location of a final profit-target
for selling-opportunities and most importantly as a location for a buying
opportunity this morning using a price-reversal entry set-up we call the 2-Step
pattern to buy the lows of the price-wedge.
around the 1300.0 big-round-number which we will discount the value-of and use
the trigger-zone #2 down at 1290.5 as our best location of a final profit-target
for selling-opportunities and most importantly as a location for a buying
opportunity this morning using a price-reversal entry set-up we call the 2-Step
pattern to buy the lows of the price-wedge.
Gold 5-Minute:
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| Gold 5-minute |
The 5-minute
chart of Gold shows us trading below the PHOD from the last 3 trading sessions
(Friday, Thursday and Wednesday of last week) and this morning we see price-action
below the London trading Session lows and we are looking bearish on this chart.
chart of Gold shows us trading below the PHOD from the last 3 trading sessions
(Friday, Thursday and Wednesday of last week) and this morning we see price-action
below the London trading Session lows and we are looking bearish on this chart.
We can use
the PLOD 1282.4 as an easy runner profit-target if we get short this morning,
and we use the overhead PHOD’s at 1318.0 and 1328.0 as profit-targets if we
decide to get long this morning.
the PLOD 1282.4 as an easy runner profit-target if we get short this morning,
and we use the overhead PHOD’s at 1318.0 and 1328.0 as profit-targets if we
decide to get long this morning.
Gold Set-up:
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| Gold Entry Chart |
Gold is
trading lower on the faster trade set-up chart timeframe this morning and these
new lower-lows tell us to sell retracements on the way down to the profit-targets
we defined on our anchor charts posted above.
Now all we need is an entry pattern to get into this trade.
trading lower on the faster trade set-up chart timeframe this morning and these
new lower-lows tell us to sell retracements on the way down to the profit-targets
we defined on our anchor charts posted above.
Now all we need is an entry pattern to get into this trade.
