May 28, 2010

Heads up! We have 2 day trades setting up right now on Crude Oil and Gold Futures

Im using my 60 minute chart to look for some long term patterns to hold over the long weekend.

I would not be suprised if we see a little profit taking over this Holiday weekend ahead of next week, so lets look at the Gold and the Crude Oil Futures as they are setting up..

It looks like Gold has the most potential today, we will look to get short below 1206.1, taking profits at 1200.0, 96.9, and 88.1

Be sure to read your time and sales window around the 1200 level to see what happens.  if we see BIG BUYERS at the 1200 look to take 1/2 off your position.

if we DONT see any BIG BUYERS, i will look to hold as much as I can into the 88.1 becasue the potential to the downside is clealry there, with WIDE OPEN trading range once we break below 96.9

Next we see the Crude Oil futures setting up for a very similar entry pattern, called the 2-Step pattern…

Crude Oil also look great!  we have an easy short below 73.85, looking for profits at 72.76.

I will take 1/2 my day trade position off at 72.76, and then cover my short @ 71.69

The Gold is trigger right now!!!! See you in the room!!!  follow those rule!

    schooloftrade

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