February 8, 2013
- in Uncategorized by schooloftrade
Gold Anchor Chart Prep
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| Gold Anchor Chart Prep |
We can see
Gold futures trading towards the lows of the short term price-wedge and inside
the range from yesterday. This tells us
the high-percentage-set-ups will come buying the lows and selling the highs of
this range.
Gold futures trading towards the lows of the short term price-wedge and inside
the range from yesterday. This tells us
the high-percentage-set-ups will come buying the lows and selling the highs of
this range.
Furthermore,
we can see that if price falls lower we will look for the InsideOut Set-up if
the sellers fail below 1663.5, and then we will use the Wave Set-Up to get
short with new lower-lows below the 1663.5 PLOD. If the price pushes lower and keeps moving we
sell retracements short, however, if the buyers can pull the price back up
above the PLOD we will then use the InsideOut Set-up to get long.
we can see that if price falls lower we will look for the InsideOut Set-up if
the sellers fail below 1663.5, and then we will use the Wave Set-Up to get
short with new lower-lows below the 1663.5 PLOD. If the price pushes lower and keeps moving we
sell retracements short, however, if the buyers can pull the price back up
above the PLOD we will then use the InsideOut Set-up to get long.
We dig into
this anchor chart and we can see that our Fibonacci calculation has proven this
price-wedge to be a PERFECT price-structure.
We will be looking for the price-reversal inside the ‘buy zone’ and then
looking for buying opportunities on faster timeframes.
this anchor chart and we can see that our Fibonacci calculation has proven this
price-wedge to be a PERFECT price-structure.
We will be looking for the price-reversal inside the ‘buy zone’ and then
looking for buying opportunities on faster timeframes.
Our day
trading plan for gold futures is to buy the lows of the price-wedge using the
‘buy zone’ we have identified with our Fibonacci tool. if we can get into the long-side using the
buy-zone we will take profit-target at the highs of the price-wedge up around
1680.0.
trading plan for gold futures is to buy the lows of the price-wedge using the
‘buy zone’ we have identified with our Fibonacci tool. if we can get into the long-side using the
buy-zone we will take profit-target at the highs of the price-wedge up around
1680.0.
Furthermore,
we can see the previous price-wedge lows are directly above us, and we know that
a previously-broken price-wedge is always going to act like a price magnet,
which means we can also look to enter long or add to our long-position when we
see price break above the trend line lows above 1672.7.
we can see the previous price-wedge lows are directly above us, and we know that
a previously-broken price-wedge is always going to act like a price magnet,
which means we can also look to enter long or add to our long-position when we
see price break above the trend line lows above 1672.7.
If price
makes new lower-lows below 1666.5 we will then considering selling retracements
with the Wave Set-Up short down to 1661.0 symmetry support.
makes new lower-lows below 1666.5 we will then considering selling retracements
with the Wave Set-Up short down to 1661.0 symmetry support.
