Day Trading Morning Prep Gold, Crude Oil, Dollar Index, Euro, E-mini Russell Futures

820am est
Lets review the 89range chart on Gold Futures:
– Bullish Price Channel, we are at the highs
– Sideways Range in the white box below us
– Another range inside this trading range, also defined in the white box
Now that we know the best areas, we now use the 34range to zoom in and find the best price levels.
We now use the 34range chart to see the following:
– Strong Bullish Price channel in blue trend lines
– Sideways Range below us in the white box
– Price Wedge inside this range below us in the orange trend lines
– We are at the highs of the larger price channel off the 89range chart
With this information we can plan our attack on gold:
If prices rises:
– Im selling resistance as prices rise
– If prices continue to make new highs I will then buy a pullback
– I will not buy the highs, I will wait for a pullback
– Selling 1534.0, 1535.1, and then selling the highs of the channels above us
If prices drop:
– Im buying support on the way down
– If we keep getting new lower lows I will sell retracements, never selling the lows
– Im buying support at 1529.0, 1526.4, 23.9, 19.2 is major support
Gold is trading at the highs right now, so we expect to see the market drop off the highs, but we simply cant predict.
We see the PHOD and PLOD are below us, which is a bearish sign. We also have the Big Money Trigger Line, a price magnet, below us as well.
All signs point to selling off, but we need to make sure we get the pattern first.