October 8, 2013
- in Uncategorized by schooloftrade
Gold Day trading strategy; SchoolOfTrade.com
8:00am EST
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| Gold Anchor Chart |
Gold Futures opened the session at the lows from Monday and
we are waiting patiently to see where the first few minutes of trading session
go from here. If we close below the
1316.9 we are bearish and selling short down to 1305.1. If we can’t get below the PLOD 1316.9 we will
then assume the sellers have failed (rejection) at the PLOD and we will look
for a buying opportunity as price moves higher.
Our profit-target for the buying opportunities is the GAP-fill at 1325.0
and the PHOD at 1329.5
we are waiting patiently to see where the first few minutes of trading session
go from here. If we close below the
1316.9 we are bearish and selling short down to 1305.1. If we can’t get below the PLOD 1316.9 we will
then assume the sellers have failed (rejection) at the PLOD and we will look
for a buying opportunity as price moves higher.
Our profit-target for the buying opportunities is the GAP-fill at 1325.0
and the PHOD at 1329.5
The anchor chart on Gold tells us to buy those pullbacks this
morning using our wave-pattern-long.
With the bullish trend price-channel on the anchor chart we know exactly
what direction we want to trade this morning.
morning using our wave-pattern-long.
With the bullish trend price-channel on the anchor chart we know exactly
what direction we want to trade this morning.
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| Gold Set Up Chart |
The only concern we have on Gold for buying this morning is
the set-up chart, which is moving in the opposite direction and needs to
confirm first before we get into that first trade today. We need higher-highs and higher-lows on the set-up
chart in order to get the easy money out of Gold today.
the set-up chart, which is moving in the opposite direction and needs to
confirm first before we get into that first trade today. We need higher-highs and higher-lows on the set-up
chart in order to get the easy money out of Gold today.
