February 23, 2012
- in Uncategorized by schooloftrade
Gold futures day trading strategy
We use multiple timeframes on the gold futures to find the
best locations for our trades. The 233
range chart was used with 12 months of data to find the overhead resistance
levels that we need to know about ahead of time.
best locations for our trades. The 233
range chart was used with 12 months of data to find the overhead resistance
levels that we need to know about ahead of time.
We can see that gold futures is at the highs of the range
from Wednesday, and with the overhead resistance our day trading strategy is to
sell back below the PHOD when price falls.
from Wednesday, and with the overhead resistance our day trading strategy is to
sell back below the PHOD when price falls.
The 89 range chart shows us the double-bottom and price
channel resistance levels which have been broken which tells us this market is
strong with buyers. We cant buy pullbacks
above PHOD until we get above the overhead resistance from the 233 range
chart. We want to sell the highs and
sell below PHOD taking profit at the trigger-line below and the PLOD as
support.
channel resistance levels which have been broken which tells us this market is
strong with buyers. We cant buy pullbacks
above PHOD until we get above the overhead resistance from the 233 range
chart. We want to sell the highs and
sell below PHOD taking profit at the trigger-line below and the PLOD as
support.
Our plan of attack on gold futures uses a lot of different
variables. First, we want to buy pullbacks
above the PHOD however we have overhead resistance so we need to clear that
resistance first and then look to buy pullbacks above 1788.0. if price fails to move higher we want to sell
below PHOD and take profit at the LOD and lows of the sideways range
1775.0. we will then sell retracements below
1773.0 after looking to buy the lows, below 1773.3. if we can sell rts below 73.3 we should see
price re-test the PLOD.
variables. First, we want to buy pullbacks
above the PHOD however we have overhead resistance so we need to clear that
resistance first and then look to buy pullbacks above 1788.0. if price fails to move higher we want to sell
below PHOD and take profit at the LOD and lows of the sideways range
1775.0. we will then sell retracements below
1773.0 after looking to buy the lows, below 1773.3. if we can sell rts below 73.3 we should see
price re-test the PLOD.
Our day trading strategy is further refined with
the 21 range chart, which confirms the double-bottom and then adds a new bull price
channel so we want to sell the highs and buy the lows of the price channel.
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| Gold Day Trading Strategy |
