August 1, 2013
- in Uncategorized by schooloftrade
Gold day trading strategy
Gold 60-minute:
We can see Gold
trading in the middle of the range, with trend-lines above and below us acting
as major support and resistance. We are
seeing big candlestick wicks and flat moving-averages this morning in the middle
of a price-wedge.
trading in the middle of the range, with trend-lines above and below us acting
as major support and resistance. We are
seeing big candlestick wicks and flat moving-averages this morning in the middle
of a price-wedge.
All of this
tells us that price-action and trading opportunities will be higher-risk in the
middle of the range and when price-action is trading sideways like this.
tells us that price-action and trading opportunities will be higher-risk in the
middle of the range and when price-action is trading sideways like this.
Our best
option for Gold this morning is to stay patient and wait for the highs or the
lows to be tested and then buy-the-lows at support and sell-the-high at
resistance
option for Gold this morning is to stay patient and wait for the highs or the
lows to be tested and then buy-the-lows at support and sell-the-high at
resistance
Gold 5-Minute:
The 5-minutechart of Gold shows us trading inside the trading-range from Wednesday which
tells us we are 2-sided and can buy or sell with the same effectiveness. We also know that the trading-range overnight
was very narrow, and this usually leads to narrow price-action for the morning
session, so we will be very careful this morning.
