April 7, 2011
- in Uncategorized by schooloftrade
Price Wedge on Crude Oil and Gold Futures made our daily trading goals
We have gold futures trading sideways after breaking the highs of the bullish wedge pattern.
We see bullish sentiment in gold 06-11 and our plan of attack is to wait for the best speed to enter the market and buy at support, looking for new highs and buying pullbacks.
We also have crude oil in a very similar position.
Strong uptrend, but trading sideways at 800am est.
We want to see better speed today as we look to trade gold and crude oil.
The strong bullish trends suggest we buy support for the longer term moves.
We also see the PHOD and PLOD are above and below us which makes this an inside trading day.
835am est
– The dollar is screaming at us to be careful today
– The same issue from Wednesday
– Low volume, high ATR, and nasty look 13range price action.
– 34range on the DX 06-11 tells me the LOCATION
– The 13range shows me the nasty chop and slop. Flat trigger lines, and slow speed are NOT what we want on the DX.
900am est
– We take the wave long on 21r on crude for a winner
– We see the dollar index makes new highs
– This will likely show SELLERS on other markets, so look to sell the new highs
1015am est
– We have 3 fast track trades today, 2 winners and 1 loss today
– We just tried to sell the highs on gold, but too sloppy around the trend line at the highs
– We also have the crude oil trading sideways
– After testing the HOD/PHOD on crude oil we now have a distinct slow down as it appears the market is looking for direction.
1100AM EST
– We’ve had a great day, we just finished selling the highs on the gold wedge.
– We know there is no news on Friday, so we assume the morning will end a little today on Thursday
– Now its 11am so we have the ‘dead zone’ which is after the last news of the morning and before the 1130am European market close.
Lets plan our attack on the Gold Futures..
– Trading sideways
– Buy the lows and sell the highs
– Buy 56.3 support at the lows
– Sell 65.0 resistance at the highs
– We have a strong long term uptrend so we are seeing buying opportunities at the high % trades
– So buying pullbacks when we see new swing highs
– Selling the resistance levels for short term scalps
– Long term buys.
Lets plan our attack on Crude Oil Futures.
– We want to sell the highs of the wedge
– If price rises to new highs, buy pullbacks and then look to sell the 109.29, sell the 109.37 which is the HOD and the highs of the price channel
– If price drops im going to buy the lows of the price channel 108.40
– I will also buy 108.23
– If price keeps dropping below 23 I will then look to sell a retracement after seeing new lower lows.
