February 26, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
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| Gold Anchor Chart Prep |
We can see
gold futures tested our symmetry resistance level we projected on Monday, and
now we find ourselves trying to re-test the same level at the highs of the
bullish price-channel at 1602.5.
Remember the high-percentage-trades occur when we buy the lows of the price-channel,
however, when we have an additional symmetry resistance this short trading
opportunity becomes very high percentage.
If we re-test the highs again we’re looking for a fake-out-breakout and
then a short trade.
gold futures tested our symmetry resistance level we projected on Monday, and
now we find ourselves trying to re-test the same level at the highs of the
bullish price-channel at 1602.5.
Remember the high-percentage-trades occur when we buy the lows of the price-channel,
however, when we have an additional symmetry resistance this short trading
opportunity becomes very high percentage.
If we re-test the highs again we’re looking for a fake-out-breakout and
then a short trade.
We can see
that the InsideOut Set-up will be higher risk this morning because of the
multiple failed attempts to breakout or tumble off the highs. We got a great selling opportunity overnight,
but this morning we can see the lack of direction and control and price-action is
sitting on the PHOD. We can assume the PHOD
is acting like a price magnet.
that the InsideOut Set-up will be higher risk this morning because of the
multiple failed attempts to breakout or tumble off the highs. We got a great selling opportunity overnight,
but this morning we can see the lack of direction and control and price-action is
sitting on the PHOD. We can assume the PHOD
is acting like a price magnet.
 |
| Gold Entry Chart Prep |
We use our
entry chart timeframe to find both symmetry support and resistance using the
most recent swing-highs and swing-lows on our entry chart. We will look for a profit-target at each of
these levels along with a price-reversal and a potential trade long at support or
short at resistance.
The entry
chart also gives us an easy bullish price-channel to use as major support and
an opportunity to buy the lows of this price-channel. Wait patiently for price on gold to pull back
to the 1593.0 area, then look for the price-reversal then followed by your
entry signal to get long. Take your profit-target
at the highs of the price-channel which just so happens to also be the symmetry
resistance.
chart also gives us an easy bullish price-channel to use as major support and
an opportunity to buy the lows of this price-channel. Wait patiently for price on gold to pull back
to the 1593.0 area, then look for the price-reversal then followed by your
entry signal to get long. Take your profit-target
at the highs of the price-channel which just so happens to also be the symmetry
resistance.
Our day
trading plan for gold is to buy the lows of the bullish price-channel if price
pulls back, sit-on-hands if we trade sideways on top of the PHOD, and buy pullbacks
using the entry signal on the JJ_EntryTrigger Indicator with new higher-highs above
the price-wedge and the 1598.3 becomes our support to use for the
long-side. Profit-target for the buyers
is the HOD at 1602.3 and the symmetry resistance at 1604.5
trading plan for gold is to buy the lows of the bullish price-channel if price
pulls back, sit-on-hands if we trade sideways on top of the PHOD, and buy pullbacks
using the entry signal on the JJ_EntryTrigger Indicator with new higher-highs above
the price-wedge and the 1598.3 becomes our support to use for the
long-side. Profit-target for the buyers
is the HOD at 1602.3 and the symmetry resistance at 1604.5
