2-Step Short Setting Up On The Gold 13 Range Chart

Gold Futures:

We’ve already taken over 150 ticks out of the gold market on the way to new highs today, and now we’re looking to sell these highs to make money on the way back down.

We can see a 2-step short setting up on the gold 13-range chart with entry below 33.4.

We have a trend line at 33.5 on the 21-range which is acting as support, the best option is to make 100% certain we break that trend line and take entry below the 33.4

Targets will be 32.5 (1/2), 31.1 (1/4), and then all the way down to test the channel highs at 27.0 (1/4)

Gold 13 Range Chart 2 Step

Trend Line, Gold 13 Range Chart

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
We can also look for a breaker long, as we do expect the highs on gold to be tested again today.

Long above 36.1 with profit targets of 37.2 (1/2), 39.0 (1/4), and then all the way to the top of the channel at 40.0 (1/4)
 

Gold 13 Range Chart Long

Euro Futures

The euro just tested its top of the channel at 2710, and now we’re looking to sell the highs of the channel.

We have a 2-step short reversal pattern setting up on the 13-range chart.

Looking for entry below the swing low of 72, with profit targets of 65 (1/2), 50(1/4), and then down to 2615 which is the next support level.

You can also use tape reading to determine if you will hold this trade through 2615 (1/4)

If we see big sellers and lots of SPEED at the 2615 level, look to hold the trade through 15 down to 2590.

At 2590 I will do the same, read the tape looking for large sellers and if we have increasing speed with those large sellers I will then hold my final target down to the bottom of the channel at 2570 (1/4)

Euro 13 Range Short