June 28, 2010
- in Uncategorized by schooloftrade
Aussie Dollar & Gold Futures setting up right now…
Hi guys, thanks for another profitable day of trading our live trade room!
we made over 115 ticks today for +1,000usd again on only 4 contracts!
we arent done yet…we have some opportunities right now on Gold and Aussie Futures.
lets look at Aussie first…
im looking for a short entry on a 2-step pattern below 8632, and we JUST tested the 32, so this should be triggering very soon!
Look to take profit off at 8625 for the first target, and then take 1/4 of our position off the trade @ 8605 and 8560 to cover my short.
We need to watch our entry rules below 8632, so pay close attention to size, speed, and momentum on this entry.
Ill touch base on this trade later today with an up-date!
now lets see on Gold futures…
we have this HUGE drop in gold futures today, which gives us a change to grab the reversal trade, which we call a 2-step long patter on this futures contract.
Look to break above the previous day’s low of day @ 1242.1 for a long entry reversal off these lows.
I will take half my position off the trade @ 43.5 which is a swing level from last week, and then ill take 1/4 off at 45.0 at the open, and finally ill take all profit @ 1249.0 just before the HALF big round number of 1250.0.
with such a huge drop on gold today, it seems foolish NOT to consider this trade, so fllow those rules, and watch to get ABOVE the 42.1 level from last friday to signal the traders that the lows have held, the buyers have taken control, and the party is movin’ on up! 🙂
ill recap these later today, follow those rules!
