June 13, 2013
- in Uncategorized by schooloftrade
Gold day trading strategy
Gold 60-Minute |
Gold doesn’t give us much to work with this morning outside of the Dollar-Index-correlation. We are trading inside the price-wedge after
bouncing off the double-top support level at 1366.4 on Wednesday. Now we find ourselves in the middle of the
trading range and feeling like a ship without a rudder. We know in the middle of a sideways-trading-range
we need to sit-on-hands and wait to see price-action test the highs or the lows
of this range for the high-percentage-trades.
We saw strong news for the Dollar-Index this morning from Jobless Claims
and Retail sales, and a strong Dollar-Index is a weak gold in most scenarios so
if we have to choose direction this morning we will assume the short-side will
be the best choice until the Dollar-Index tells us differently.
bouncing off the double-top support level at 1366.4 on Wednesday. Now we find ourselves in the middle of the
trading range and feeling like a ship without a rudder. We know in the middle of a sideways-trading-range
we need to sit-on-hands and wait to see price-action test the highs or the lows
of this range for the high-percentage-trades.
We saw strong news for the Dollar-Index this morning from Jobless Claims
and Retail sales, and a strong Dollar-Index is a weak gold in most scenarios so
if we have to choose direction this morning we will assume the short-side will
be the best choice until the Dollar-Index tells us differently.