March 5, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
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Gold Anchor Chart Prep |
Gold Futures
are trading in sideways-trading-range this morning after putting in a
double-bottom and bouncing off the symmetry support level at 1565.0 this
morning we are waiting for new lower-lows to get short or waiting for the
price-action to move higher to test the resistance at 1622.5 and then looking
short from this area above.
are trading in sideways-trading-range this morning after putting in a
double-bottom and bouncing off the symmetry support level at 1565.0 this
morning we are waiting for new lower-lows to get short or waiting for the
price-action to move higher to test the resistance at 1622.5 and then looking
short from this area above.
 |
Gold Anchor Chart Prep |
I can see
how easy the selling opportunity will be around the 1622.5 resistance
area. We have both the double-bottom
resistance and the major bear price-channel highs as resistance make for a very
high percentage trading opportunity to the short-side.
how easy the selling opportunity will be around the 1622.5 resistance
area. We have both the double-bottom
resistance and the major bear price-channel highs as resistance make for a very
high percentage trading opportunity to the short-side.
 |
Gold Entry Chart Prep |
The entry
chart for Gold shows us 2 levels overhead that we can use the very
high-percentage InsideOut Set-up short. We
will look for a selling opportunity at both levels of 1583.5 and 1586.5. Furthermore, if price-action is bullish and
we do not see the fake-out-breakout with new higher-highs we will then assume
the buyers have seen value in higher prices and we will use the Wave Set-Up to
enter long and use the big-round-number of 1600.0 as a final profit-target overhead.
