February 6, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
 |
| Gold Anchor Chart Prep |
The first
thing we see this morning is the bull price-channel with 2 different highs, and
a price-wedge that was broken to the up-side but failed and came back down
inside so we will assume this is still in play.
thing we see this morning is the bull price-channel with 2 different highs, and
a price-wedge that was broken to the up-side but failed and came back down
inside so we will assume this is still in play.
We are
trading inside the range from Tuesday which means we are going to sell the PHOD
as resistance and buy the PLOD as support using the InsideOut Set-up and if
price makes new higher-highs or lower-lows and keeps going we then transition
into the Wave Set-Up.
trading inside the range from Tuesday which means we are going to sell the PHOD
as resistance and buy the PLOD as support using the InsideOut Set-up and if
price makes new higher-highs or lower-lows and keeps going we then transition
into the Wave Set-Up.
We can see 2
levels of symmetry resistance above us at this time. The first is a minor resistance at 1678.0 and
there is a major resistance at 1692.5 which we will use for a price-reversal and
a short trade.
levels of symmetry resistance above us at this time. The first is a minor resistance at 1678.0 and
there is a major resistance at 1692.5 which we will use for a price-reversal and
a short trade.
Our day
trading plan for gold futures this morning is to sell-the-high at resistance and
buy-the-lows at support considering we are trading inside the range from yesterday. The price-wedge and the inside range are the
big clues until something breaks out to new higher-highs or lower-lows. If we see a breakout we will look for a fake-out-breakout
and use the InsideOut Set-up to get long at the lows, or short at the highs.
trading plan for gold futures this morning is to sell-the-high at resistance and
buy-the-lows at support considering we are trading inside the range from yesterday. The price-wedge and the inside range are the
big clues until something breaks out to new higher-highs or lower-lows. If we see a breakout we will look for a fake-out-breakout
and use the InsideOut Set-up to get long at the lows, or short at the highs.
In addition,
if we break to new higher-highs above the symmetry resistance above 1680.0 we
then will use the Wave Set-Up long and take profit at the highs of the price-channel
and the major symmetry resistance at 1692.5.
We can assume if the buyers are strong enough to keep the price-action moving
higher above the price-wedge we will test the symmetry at 1692.5 for an easy profit-target.
if we break to new higher-highs above the symmetry resistance above 1680.0 we
then will use the Wave Set-Up long and take profit at the highs of the price-channel
and the major symmetry resistance at 1692.5.
We can assume if the buyers are strong enough to keep the price-action moving
higher above the price-wedge we will test the symmetry at 1692.5 for an easy profit-target.
