October 24, 2012
- in Uncategorized by schooloftrade
Gold Futures Prep:
We know
there is a major bearish price-channel and a bullish AB=CD Pattern that has us
right on top of the price-reversal zone at 1705.0.
In the short
term we have sideways-trading-range which means we need to breakout of this
range before we start looking for the best trading opportunities.
term we have sideways-trading-range which means we need to breakout of this
range before we start looking for the best trading opportunities.
We have a
short term price-wedge and an inside day, so this market personality is assumed
to be a range-bound market.
short term price-wedge and an inside day, so this market personality is assumed
to be a range-bound market.
Buy-the-lowsat support and sell-the-high at resistance is our plan when we are within this sideways-trading-range.
We have resistance
overhead at 1718.0 and then up at the highs of the bear price-channel.
overhead at 1718.0 and then up at the highs of the bear price-channel.
We arelooking to buy these lows using the AB=CD Pattern however, the entry on this is
appearing to be a challenge. We have a
lot of little levels of resistance overhead, which makes it challenging to pull
the trigger long.
