August 6, 2013
- in Uncategorized by schooloftrade
Gold day trading strategy
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| Gold Anchor Chart |
Gold
Anchor Chart:
Gold is
trading at the major trend-line support just above the lows of the recent trading-range. We can see a price-wedge has developed with lower-highs
and higher-lows over the last few days, and we want to BUY at the lows and SELL
at the highs.
trading at the major trend-line support just above the lows of the recent trading-range. We can see a price-wedge has developed with lower-highs
and higher-lows over the last few days, and we want to BUY at the lows and SELL
at the highs.
Right now, Gold
is telling us that buying these lows will be the high-percentage-trades this
morning.
is telling us that buying these lows will be the high-percentage-trades this
morning.
Gold
5-Minute:
5-Minute:
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| Gold 5-Minute VIP Chart |
Gold is
trading below the London trading Session lows and below the PLOD from Monday as
the sellers appear to be taking control over this market personality. With new lower-lows we will sell short with
the wave-pattern-short on the way down to major support levels we located on
the anchor.
trading below the London trading Session lows and below the PLOD from Monday as
the sellers appear to be taking control over this market personality. With new lower-lows we will sell short with
the wave-pattern-short on the way down to major support levels we located on
the anchor.
We can
see four clues on this chart;
see four clues on this chart;
1. Inside Out set-up after we broke
below the PLOD
below the PLOD
2. Narrow trading-range from the London
trading Session tells us to expect a narrow trading-range for today
trading Session tells us to expect a narrow trading-range for today
3. New lower-lows tell us the price-action
is bearish
is bearish
4. Previous Week’s low below us at
1282.4 which will drag the price-action lower as it acts like a magnet.
1282.4 which will drag the price-action lower as it acts like a magnet.
Gold
Set-up:
Set-up:
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| Gold Entry Chart |
We can see
the short-term trend is moving down this morning inside a bearish price-channel
and we’ve recently tested the highs of the price-channel and had a perfect wave-pattern-short
to trade with today.
the short-term trend is moving down this morning inside a bearish price-channel
and we’ve recently tested the highs of the price-channel and had a perfect wave-pattern-short
to trade with today.
Our day
trading plan this morning will be to sell short with new lower-lows and being
careful not to sell short directly into major support such as the 1282.0 trading-range
lows.
trading plan this morning will be to sell short with new lower-lows and being
careful not to sell short directly into major support such as the 1282.0 trading-range
lows.
