February 11, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
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| Gold Anchor Chart Prep |
Gold this
morning is trading at new lower-lows below the lows from 2 weeks ago on our
anchor chart.
morning is trading at new lower-lows below the lows from 2 weeks ago on our
anchor chart.
The new lower-lows
below the PLOD tell us immediately we are looking to get short with the Wave
Set-Up. The only concern that we have is
that often big drops return to the same location they started with ‘big pops’
back up into the previous range. So this
tells us to be selective with our trades short considering we are over-sold,
and look for the sellers to fail and a price-reversal will give us a buying
opportunity with a price-reversal.
below the PLOD tell us immediately we are looking to get short with the Wave
Set-Up. The only concern that we have is
that often big drops return to the same location they started with ‘big pops’
back up into the previous range. So this
tells us to be selective with our trades short considering we are over-sold,
and look for the sellers to fail and a price-reversal will give us a buying
opportunity with a price-reversal.
We look
closely at this anchor chart and we can see the ‘low of week’ at 1652.5 and
this will give us the InsideOut Set-up long above this level. If we can get in long our profit-target will
be the “Midas-Target” and the PLOD from Friday at 1665.8. We will then look to buy above the 1665.8 if
we can achieve that profit-target.
closely at this anchor chart and we can see the ‘low of week’ at 1652.5 and
this will give us the InsideOut Set-up long above this level. If we can get in long our profit-target will
be the “Midas-Target” and the PLOD from Friday at 1665.8. We will then look to buy above the 1665.8 if
we can achieve that profit-target.
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| Gold Anchor Chart Prep 2 |
We noticed
that we got a small bounce off the symmetry support at 1656.4 and this tells us
that if the sellers really are exhausted, this price level will be a magnet and
another opportunity to buy if we break back above it. Use the “Midas-Target” and the PLOD
for our profit-target.
that we got a small bounce off the symmetry support at 1656.4 and this tells us
that if the sellers really are exhausted, this price level will be a magnet and
another opportunity to buy if we break back above it. Use the “Midas-Target” and the PLOD
for our profit-target.
There is a
previous price-wedge on this anchor chart that reminds us of the fake-out-breakout
structure and also reminds us of where we have been in the recent past. This tells us that if the sellers fail, this
big move lower may quickly reverse and price-action may take us all the way
back up into that price-wedge we started from.
previous price-wedge on this anchor chart that reminds us of the fake-out-breakout
structure and also reminds us of where we have been in the recent past. This tells us that if the sellers fail, this
big move lower may quickly reverse and price-action may take us all the way
back up into that price-wedge we started from.
Our day
trading plan for gold futures is to sell short using the Wave Set-Up with a profit-target
at the lows of the day of 1644.1 and “Midas-Target” at 1636.5 for the
runner.
trading plan for gold futures is to sell short using the Wave Set-Up with a profit-target
at the lows of the day of 1644.1 and “Midas-Target” at 1636.5 for the
runner.
We are also
keeping an eye on a price-reversal at these over-sold levels we are trading at
right now, and with a price-reversal we use the Wave Set-Up and Max Set-Up
above the previous support at 1652.5
keeping an eye on a price-reversal at these over-sold levels we are trading at
right now, and with a price-reversal we use the Wave Set-Up and Max Set-Up
above the previous support at 1652.5
