February 7, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
Gold Futurestriggered a winning InsideOut Set-up short this morning in the European session
and now the price-action sits in the middle of the range from yesterday. If you start trading gold in the US session
we need to sit-on-hands and wait for the highs or the lows of the range to be
tested again.
We can see
very clear symmetry support below us at 1662.0 and major symmetry resistance all
the way up at 1692.5
very clear symmetry support below us at 1662.0 and major symmetry resistance all
the way up at 1692.5
We can see
the short term price-wedge created from the recent swing-high this morning and
the lows from earlier this week. Notice
how NARROW this price-wedge is, beware trading in a narrow range.
the short term price-wedge created from the recent swing-high this morning and
the lows from earlier this week. Notice
how NARROW this price-wedge is, beware trading in a narrow range.
Our day
trading plan for the gold futures is to take a profit-target at the PLOD if you
got into the InsideOut Set-up short earlier in the morning session. If you are not in the trade short we need to sit-on-hands
and wait for the test of the highs or the lows of the price-wedge.
trading plan for the gold futures is to take a profit-target at the PLOD if you
got into the InsideOut Set-up short earlier in the morning session. If you are not in the trade short we need to sit-on-hands
and wait for the test of the highs or the lows of the price-wedge.
We want to sell-the-high at resistance and buy-the-lows
at support of the price-wedge and remember the bull price-channel tells us
buying the lows will be where we get the high-percentage-trades.
at support of the price-wedge and remember the bull price-channel tells us
buying the lows will be where we get the high-percentage-trades.
