February 12, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
 |
| Gold Anchor Chart Prep |
Gold Futures
had a big day on Monday, tumbling to new weekly lows, all the way to the bottom
of this massive bearish price-channel on our anchor chart. Now we will stay patient and look for the
sellers to exhaust and start buying these lows.
We may see some new lower-lows this morning, but we know that selling
short at support is a higher risk trade, not to mention this support is also
the lows of this bear price-channel.
had a big day on Monday, tumbling to new weekly lows, all the way to the bottom
of this massive bearish price-channel on our anchor chart. Now we will stay patient and look for the
sellers to exhaust and start buying these lows.
We may see some new lower-lows this morning, but we know that selling
short at support is a higher risk trade, not to mention this support is also
the lows of this bear price-channel.
This tells
us that selling short this morning will be a bumpy ride as the sellers will
keep trying to move lower, but we know the profit-taking by the sellers, and
the support from the buyers will likely make the long-side the only high-percentage-trades
we will see this morning.
us that selling short this morning will be a bumpy ride as the sellers will
keep trying to move lower, but we know the profit-taking by the sellers, and
the support from the buyers will likely make the long-side the only high-percentage-trades
we will see this morning.
We can see price-action
tested the waters below the PLOD this morning, only to move right back up above
the PLOD which tells us to look for the InsideOut Set-up. We will be looking to buy when the price-action
moves higher above the PLOD and use the PHOD and the “Midas-Target” as
our profit-targets.
tested the waters below the PLOD this morning, only to move right back up above
the PLOD which tells us to look for the InsideOut Set-up. We will be looking to buy when the price-action
moves higher above the PLOD and use the PHOD and the “Midas-Target” as
our profit-targets.
We can see
symmetry support using this massive bear price-channel at the lows of the range
at 1640.0 this adds to our level of
concern in selling short, and throws fuel on the fire for our buying
opportunities.
symmetry support using this massive bear price-channel at the lows of the range
at 1640.0 this adds to our level of
concern in selling short, and throws fuel on the fire for our buying
opportunities.
Our day
trading plan this morning for gold is to stay focused on the long-side of the
market with so much support below us, we will stay patient and wait for the price-reversal
and the InsideOut Set-up to give us our high-percentage-trades this
morning. If the sellers do control price-action
and we move lower we will need to be very conservative with our profit-targets
on the way down, we will the yo-yo effect as price makes new lower-lows and
then retraces off those new lower-lows violently.
trading plan this morning for gold is to stay focused on the long-side of the
market with so much support below us, we will stay patient and wait for the price-reversal
and the InsideOut Set-up to give us our high-percentage-trades this
morning. If the sellers do control price-action
and we move lower we will need to be very conservative with our profit-targets
on the way down, we will the yo-yo effect as price makes new lower-lows and
then retraces off those new lower-lows violently.
