November 8, 2012
- in Uncategorized by schooloftrade
Gold Futures Anchor Chart Prep:
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| Gold Anchor Chart ZOOMED IN |
We can see
there was a previous bear price-channel that is ALMOST broken. We like to keep those recently-broken price-channels
and price-wedges on the chart until we can easily see they are no longer
needed. There is a definite potential
that this bear price-channel will drag the price-action right back down to the
1700.00 big-round-number and lower into the price-channel again.
We draw a
new set of trend lines and we find a new wider price-wedge along with a
well-defined sideways-trading-range. We
are trading ‘inside day’ and when this includes a price-wedge we have the
PERFECT situation for fake-out-breakouts and a range-bound market so we’re sell-the-high
at resistance and buy-the-lows at support.
new set of trend lines and we find a new wider price-wedge along with a
well-defined sideways-trading-range. We
are trading ‘inside day’ and when this includes a price-wedge we have the
PERFECT situation for fake-out-breakouts and a range-bound market so we’re sell-the-high
at resistance and buy-the-lows at support.
 |
| Gold Anchor Chart ZOOMED OUT |
Our day
trading strategy for gold futures is to buy at the PLOD and sell at the PHOD. As price rises im selling at resistance, and
as price falls im buying at support. As of
NOW we sit-on-hands because we’re trading in the middle.
trading strategy for gold futures is to buy at the PLOD and sell at the PHOD. As price rises im selling at resistance, and
as price falls im buying at support. As of
NOW we sit-on-hands because we’re trading in the middle.
