September 3, 2013
- in Uncategorized by schooloftrade
Gold Day Trading Strategy
9:00am EST
News is released at 8:58am EST from PMI Manufacturing:
*(US) AUG FINAL MARKIT US PMI MANUFACTURING: 53.1 V 53.9 PRELIM
(lowest in 10 months)- Output index: 52.5 v 53.4 prelim reading – New Orders:
55.7 v 56.5 prelim reading (highest in 7 months)– SourceTradeTheNews.com
(lowest in 10 months)- Output index: 52.5 v 53.4 prelim reading – New Orders:
55.7 v 56.5 prelim reading (highest in 7 months)– SourceTradeTheNews.com
This news is lower than expected, and should be seen as
bearish for the USD and bearish for Crude Oil Futures.
bearish for the USD and bearish for Crude Oil Futures.
Gold Futures Analysis:
 |
| Gold 30-Minute |
We can see price-action trading on top of the PHOD at the
opening bell this morning. If we look
closely we can see the previous candlestick did not close above the PHOD so we
unfortunately cannot define the long-term trend until we see where this new
candlestick closes. If we close above
the PHOD we are now considered bullish and we are buying pullbacks with the wave-pattern-long
with a profit-target up at 1410.9. If we
close on top of the PHOD we are going to sit-on-hands, and if we close at the
lows of the candlestick (below the PHOD) we will then consider this market
personality to be bearish and we will sell short down to the PLOD at 1387.4.
opening bell this morning. If we look
closely we can see the previous candlestick did not close above the PHOD so we
unfortunately cannot define the long-term trend until we see where this new
candlestick closes. If we close above
the PHOD we are now considered bullish and we are buying pullbacks with the wave-pattern-long
with a profit-target up at 1410.9. If we
close on top of the PHOD we are going to sit-on-hands, and if we close at the
lows of the candlestick (below the PHOD) we will then consider this market
personality to be bearish and we will sell short down to the PLOD at 1387.4.
As we prepare for trading Gold this morning we have 2 hidden
clues that remind us to be careful today and throughout the week. First, we have Non-Farm Payroll news on
Friday, and this is going to be pivoting point for the Gold traders who are
worried about Fed Tapering. Everyone has
their eyes and ears on the Fed later this week, and we assume this concern over
Non-Farm Payroll will directly affect the market personality on Gold. Second, we see the big-round-number of 1400.0
which is screaming at us to beware that price-action may get stuck in the mud
around this number.
clues that remind us to be careful today and throughout the week. First, we have Non-Farm Payroll news on
Friday, and this is going to be pivoting point for the Gold traders who are
worried about Fed Tapering. Everyone has
their eyes and ears on the Fed later this week, and we assume this concern over
Non-Farm Payroll will directly affect the market personality on Gold. Second, we see the big-round-number of 1400.0
which is screaming at us to beware that price-action may get stuck in the mud
around this number.
 |
| Gold 5400-tick |
The 5400-tick anchor chart shows us a strong bull price-channel,
telling is the long-term trend is bullish, and we have support levels below us
at 1372.0, 1352.9, 1338.8 and the lows of the price-channel itself. This bullish price-channel tells us me to buy
pullbacks with the wave-pattern-long and if we can, the high-percentage-trades will
occur after we test any of these support levels below us today.
telling is the long-term trend is bullish, and we have support levels below us
at 1372.0, 1352.9, 1338.8 and the lows of the price-channel itself. This bullish price-channel tells us me to buy
pullbacks with the wave-pattern-long and if we can, the high-percentage-trades will
occur after we test any of these support levels below us today.
We can see a big clue from the 1372.0 price level. We know the buyers provided support here and
the price-action jumped higher after testing this level so we know that this support
level is strong and we know to use it again if price-action comes back to the
1372.0 area again.
the price-action jumped higher after testing this level so we know that this support
level is strong and we know to use it again if price-action comes back to the
1372.0 area again.
9:30am EST
 |
| Gold 1800-tick |
Gold is trading higher this morning on the 1800-tick anchor
chart with many concerns of support and resistance above and below us at this
time. We can see resistance zones
overhead at 1403.8 to 1410.9 and 1421.1 to 1427.1. These resistance zones will be excellent
locations to take a profit-target on our buying-opportunities or look for a price-reversal
and a selling opportunity against the long-term trend.
chart with many concerns of support and resistance above and below us at this
time. We can see resistance zones
overhead at 1403.8 to 1410.9 and 1421.1 to 1427.1. These resistance zones will be excellent
locations to take a profit-target on our buying-opportunities or look for a price-reversal
and a selling opportunity against the long-term trend.
