January 31, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
 |
| Gold Anchor Chart Prep |
Gold trading
sideways in the middle of the range from Wednesday, which tells us that ahead
of NFP we may need to be extra cautious without much market personality.
sideways in the middle of the range from Wednesday, which tells us that ahead
of NFP we may need to be extra cautious without much market personality.
With price-action
trading inside the range, we do not have a Wave Set-Up at this time. We need to see higher-highs or new lower-lows.
trading inside the range, we do not have a Wave Set-Up at this time. We need to see higher-highs or new lower-lows.
We do see
the PHOD from last Friday below at 1673.2 which will enable the InsideOut
Set-up for a short position below this level of support. We can see we’ve already tried to get lower
once today and we will look to see if the 2nd attempt will hold
below the 1673.2.
the PHOD from last Friday below at 1673.2 which will enable the InsideOut
Set-up for a short position below this level of support. We can see we’ve already tried to get lower
once today and we will look to see if the 2nd attempt will hold
below the 1673.2.
We can also
see the bearish price-channel using the symmetry pattern as support and resistance.
see the bearish price-channel using the symmetry pattern as support and resistance.
Our day
trading plan for gold is to sell short using the InsideOut Set-up below last Friday’s
highs at 1673.2 and use the bear price-price-channel support as a profit-target.
trading plan for gold is to sell short using the InsideOut Set-up below last Friday’s
highs at 1673.2 and use the bear price-price-channel support as a profit-target.
Remember the
high-percentage-trades that occur on a bear price-channel are always at the
highs, so we aren’t too keen on buying the lows of the price-channel until we
test the symmetry support at the 1668.0.
Be sure to wait for the price-reversal at the symmetry support to get
long.
high-percentage-trades that occur on a bear price-channel are always at the
highs, so we aren’t too keen on buying the lows of the price-channel until we
test the symmetry support at the 1668.0.
Be sure to wait for the price-reversal at the symmetry support to get
long.
