The Fed Rules out QE3, Lowers Growth Estimates, sending US Dollar Higher and Commodities Lower ahead of Jobless Claims

My plan of attack on Gold:
If price rises:
– Im selling resistance as price moves highs
– Im then buying pullbacks once the resistance is broken and turns into support.
– I don’t buy at the highs, I buy with pullbacks.
– I’m selling 1527.7 34r trigger
– I’m selling the highs of the strong bear price channel
– Selling 1532.2
– Avoiding the BMT 1536.3
– Selling the PLOD at 1541.0
– Then buying pullbacks with highs inside the range from Wednesday.
– As price rises I’m selling first, then I will buy a pullback above the levels listed above.
If price falls:
– I’m buying at support levels first
– Then I will sell with a retracement once the support turns into resistance
– I do not sell at the lows, I will sell with a retracement.
– Buying the lows of the strong bearish price channel
– Buying 1518.3, 1514.5, 1511.4, 1509.8, 1508.4, 04.4
– If price keeps dropping we can buy the lows of the 89range wedge at 1500.00

1100am

Crude oil inside a sideways range, so we will trade the range first, and then look for breakouts.
We also notice a sloppy bullish price channel on the 34r chart, so use this as your guide for buying pullbacks, if we get new higher highs.
As price rises on crude oil im selling the 91.64, selling the range highs 91.86, avoid the 92.00 and sell the 92.21.
Beware the 34r BMT is above us 92.56 and this will be an excellent target, but a horrible place to enter a new trade.
If price falls on crude oil I’m buying support at the lows of the price channel and beware trading around the big round number of 91.00.
We see the lows of the (89r) sideways range at 89.67. I also want to buy the lows of the bear channel at 90.00 but beware trading around the big round number.
I’m buying support at 90.78, 90.62, 90.53, avoid 90.00, buying 89.89 and 89.69
And as price breaks support and turns into resistance we then sell retracements.

-Joseph James

1130
Lets plan our Gold market…
Gold futures are trading sloppy and slow around the 89range BMT.
This tells me to be very careful, the BMT are always sloppy, they make great final profit targets, but BMT’s are NOT where I want to enter a trade.
We’re at the lows of the price wedge, and the middle of the new sideways range of the 89range.
and at the highs of the short term bearish price channel from the 34range chart.
Our plan of attack on gold will be…
As price rises im selling resistance, selling the channel highs 1521.0 and the 34r trigger line at the same level.
Im selling the highs of the sideways range as price rises.
Selling the extensions of the bear channel 23.0, 24.0, 25.0 and then sell 1526.3 the highs of the range.

Joeph James