February 21, 2012
- in Uncategorized by schooloftrade
Gold futures day trading strategy
Gold futures day trading strategy uses the long term bear price
channel as the higher percentage trading opportunities this morning. The price wedge tells me to expect fake-out
breakouts and the bear price channel tells me that selling as price rises is
the best way to trade this morning on gold futures.
channel as the higher percentage trading opportunities this morning. The price wedge tells me to expect fake-out
breakouts and the bear price channel tells me that selling as price rises is
the best way to trade this morning on gold futures.
We calculated the price channel structure and found major
resistance at 1749.5, 1755.5, 1760.5 and 1768.0 overhead and we know with the
bear price channel it is in our best interest to sell these highs as resistance
and if price is very strong we can buy pullbacks with new higher-highs only
after looking for the fake-out breakouts first.
resistance at 1749.5, 1755.5, 1760.5 and 1768.0 overhead and we know with the
bear price channel it is in our best interest to sell these highs as resistance
and if price is very strong we can buy pullbacks with new higher-highs only
after looking for the fake-out breakouts first.
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| Gold Day Trading Strategy |
The first thing we notice on the 55-range chart of gold
futures is the double-bottom and the resistance that comes along with it. Look for price to reverse at these major
turning points overhead. Looking for the
1755 area to be major resistance with multiple levels on top of each other.
futures is the double-bottom and the resistance that comes along with it. Look for price to reverse at these major
turning points overhead. Looking for the
1755 area to be major resistance with multiple levels on top of each other.
If price keeps rising we will buy pullbacks which will be
considered higher risk, and looking to sell at the next level of overhead
resistance which is 1754.5. if price
falls to new lower-lows we are selling below the DOUBLE-BOTTOM resistance of
1743.5 and then selling again below the PHOD and the price channel highs as the
buyers have failed.
considered higher risk, and looking to sell at the next level of overhead
resistance which is 1754.5. if price
falls to new lower-lows we are selling below the DOUBLE-BOTTOM resistance of
1743.5 and then selling again below the PHOD and the price channel highs as the
buyers have failed.
The 34 range chart refines our day trading strategy for gold
futures with the previous day’s range below us we know that if the buyers fail
we will tumble right back down to the PHOD 1738.4 area for an easy target. We can see the minor and major trigger-zones
below us using the swing lows and the most recent swing-high. As price falls I will use these support
levels as profit targets and areas for a potential pullbacks to look for a new
move higher.
futures with the previous day’s range below us we know that if the buyers fail
we will tumble right back down to the PHOD 1738.4 area for an easy target. We can see the minor and major trigger-zones
below us using the swing lows and the most recent swing-high. As price falls I will use these support
levels as profit targets and areas for a potential pullbacks to look for a new
move higher.
The 21-range chart for gold futures completes our day
trading strategy with the most important levels of support below us using the trigger-zone
tool and we can see that if the 21 range wave long pattern fails the sellers
will be able to grab hold and push it lower to the 1742.0 trigger-zone support
so looking to sell below 45.9 and take profit at the support below us.
trading strategy with the most important levels of support below us using the trigger-zone
tool and we can see that if the 21 range wave long pattern fails the sellers
will be able to grab hold and push it lower to the 1742.0 trigger-zone support
so looking to sell below 45.9 and take profit at the support below us.
