December 3, 2012
- in Uncategorized by schooloftrade
Gold day trading plan
We can see
the Gold Futures trading in a long term bull price-channel inside the range
from Friday. We are below the PHOD and
above the PLOD so this morning is considered an inside-day and we trade this price-structure
like a range-bound market. We will buy-the-lows
at support and sell-the-high at resistance until we breakout of this trading
range.
In additionto this we can see the price-wedge which is providing us with support below the
range so we will buy-the-lows at support and if we make it all the way to the
highs we will sell-the-high at resistance at the top of the price-wedge.
If price
rises higher we will be buying pullbacks using a wave-pattern-long because we
have recently tested the PLOD and the price-action will now seek to test the PHOD. As price goes higher we are buying as we move
higher off the lows with a profit-target at the PHOD.
rises higher we will be buying pullbacks using a wave-pattern-long because we
have recently tested the PLOD and the price-action will now seek to test the PHOD. As price goes higher we are buying as we move
higher off the lows with a profit-target at the PHOD.
If pricemoves lower we are going to have a difficult time selling short. We’re moving to the lows of the price-channel
and the price-wedge so we know that selling at the lows is a VERY high risk
trade.
As price
moves lower we look for the sellers to fail and we want to buy the lows at the PLOD
1710.2, 1706.7, and 1705.2. these are
the support levels at the lows.
moves lower we look for the sellers to fail and we want to buy the lows at the PLOD
1710.2, 1706.7, and 1705.2. these are
the support levels at the lows.
If price
pushes below the 1705.2 support then we look for the fake-out-breakout first,
and assuming the buyers fail to hold this support we will then sell short using
a wave-pattern-short with a profit-target lower at 1685.5 and 1674.7.
pushes below the 1705.2 support then we look for the fake-out-breakout first,
and assuming the buyers fail to hold this support we will then sell short using
a wave-pattern-short with a profit-target lower at 1685.5 and 1674.7.
