November 9, 2012
- in Uncategorized by schooloftrade
Gold Futures Anchor Chart Prep:
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| Gold Anchor Chart 1 |
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| Gold Anchor Chart 2 |
We can see
the bull price-channel and the bearish AB=CD Pattern on this 89range
chart. We are trading inside the range
from Thursday making this technically a range-bound market.
the bull price-channel and the bearish AB=CD Pattern on this 89range
chart. We are trading inside the range
from Thursday making this technically a range-bound market.
Notice the trigger-zone
support below at 1703.0 along with the trigger-zone resistance above at
1735.0. We can see the price-wedge below
us acting like a magnet, trying to get price to reverse and tumble back lower.
support below at 1703.0 along with the trigger-zone resistance above at
1735.0. We can see the price-wedge below
us acting like a magnet, trying to get price to reverse and tumble back lower.
If price
rises higher we need to sell the resistance at 1735.0 and 1740.3 the most
recent high. If price pushes through
this resistance and the buyers are clearly in charge we look for the fake-out-breakout
first and then buy pullbacks with new higher-highs. Final profit-target on the long trades will
be 1749.0 and 1754.6. Ultimately the
buyers will try and push all the way up to the 1763.0 AB=CD Pattern reversal
zone.
rises higher we need to sell the resistance at 1735.0 and 1740.3 the most
recent high. If price pushes through
this resistance and the buyers are clearly in charge we look for the fake-out-breakout
first and then buy pullbacks with new higher-highs. Final profit-target on the long trades will
be 1749.0 and 1754.6. Ultimately the
buyers will try and push all the way up to the 1763.0 AB=CD Pattern reversal
zone.
If price
falls off the highs we will sell short with 2-step pattern or a wave pattern
but we need to be aware the support from the bull price-channel may be in our
way. We will take profit at the lows of
the price-channel and then look for buying opportunities. If we push through the price-channel lows we
look for the fake-out-breakout first and then we sell short down to the PLOD and
then look to take profit and get short again below the PLOD down to the 1703.0 trigger-zone
support.
falls off the highs we will sell short with 2-step pattern or a wave pattern
but we need to be aware the support from the bull price-channel may be in our
way. We will take profit at the lows of
the price-channel and then look for buying opportunities. If we push through the price-channel lows we
look for the fake-out-breakout first and then we sell short down to the PLOD and
then look to take profit and get short again below the PLOD down to the 1703.0 trigger-zone
support.
