October 18, 2012
- in Uncategorized by schooloftrade
Morning gold Checklist:
Heat Map
Review:
Gold is
moving lower this morning
moving lower this morning
Overnight
Highs & Lows:
Highs & Lows:
We can see lower-lows
and lower-highs on the way down overnight, however, recently in the beginning
of the US session we have sideways chop, consolidation, and we expect a full price-reversal
above the PLOD.
and lower-highs on the way down overnight, however, recently in the beginning
of the US session we have sideways chop, consolidation, and we expect a full price-reversal
above the PLOD.
Inside or
Outside Day?
Outside Day?
We are outside-day
below the PLOD, however we are expecting a price-reversal.
below the PLOD, however we are expecting a price-reversal.
Find the price-structures:
· Trigger-zone is support below me at
42.5
42.5
· AB=CD Pattern is bearish with
reversal zone at 64.5 way overhead.
reversal zone at 64.5 way overhead.
· Price-wedge is sideways and we are
coming up off the lows
coming up off the lows
· Price-channel is bullish with the AB=CD
Pattern as our guide.
Pattern as our guide.
· Zigzag Pattern is not on this chart
· Sideways / Trading Ranges 1755.0 down
to 1739.0
to 1739.0
· Double-top
Wherewill a price-reversal be likely today?
If price
falls the price-reversal will occur at the lows of the price-wedge, the range
39.5 and the PLOD. If price rises the price-reversal
will occur at the highs of the range
falls the price-reversal will occur at the lows of the price-wedge, the range
39.5 and the PLOD. If price rises the price-reversal
will occur at the highs of the range
What is
our trading plan for today?
our trading plan for today?
Our plan is to be a buyer above the PLOD, and a seller below
the 1739.0 support. We want to buy the
lows at support levels at 42.5, 39.5, and if we can, all the way at the lows
34.5 and 30.0
the 1739.0 support. We want to buy the
lows at support levels at 42.5, 39.5, and if we can, all the way at the lows
34.5 and 30.0
