September 27, 2012
- in Uncategorized by schooloftrade
Morning Gold Checklist:
Heat Map
Review:
Gold is a
moving market at +0.9% and I am looking for opportunities to trade it.
moving market at +0.9% and I am looking for opportunities to trade it.
Overnight
Highs & Lows:
Highs & Lows:
We created
overnight lows and have not re-tested them yet, so this is a price magnet and profit-target
for short sellers. We see the overnight
highs have been broken, followed by price-action trading with confusion at the PHOD.
If the buyers push to new higher-highs we will use the wave-pattern-long to buy
pullbacks. If the buyers fail at the PHOD
this tells us the market has REJECTED the higher prices and we will then sell
short with wave-pattern-short down to the highs of the overnight trading range,
and try and stay short to the lows of the overnight range.
overnight lows and have not re-tested them yet, so this is a price magnet and profit-target
for short sellers. We see the overnight
highs have been broken, followed by price-action trading with confusion at the PHOD.
If the buyers push to new higher-highs we will use the wave-pattern-long to buy
pullbacks. If the buyers fail at the PHOD
this tells us the market has REJECTED the higher prices and we will then sell
short with wave-pattern-short down to the highs of the overnight trading range,
and try and stay short to the lows of the overnight range.
Inside or
Outside Day?
Outside Day?
We are
trading right on top of the PHOD so we consider this to be an inside day /
outside day transition.
trading right on top of the PHOD so we consider this to be an inside day /
outside day transition.
Find the price-structures: · Trigger-zone is support
· AB=CD Pattern is bearish
· Price-wedge is bullish
· Price-channel is bullish
· Zigzag requires a bullish AB=CD
Pattern (NO)
Pattern (NO)
· Sideways / Trading Ranges (tending)
· Double-top / Double-bottom (none)
Where
will a reversal be likely today?
will a reversal be likely today?
If price
rises higher the PHOD is an easy spot for a price-reversal along with the highs
of the price-wedge. If price moves lower
the lows of the bull price-channel and the trigger-zone support are also
looking for price-reversal.
rises higher the PHOD is an easy spot for a price-reversal along with the highs
of the price-wedge. If price moves lower
the lows of the bull price-channel and the trigger-zone support are also
looking for price-reversal.
What is
our trading plan for today?
our trading plan for today?
If price moves and stays above the PHOD we will buy pullbacks
with wave-pattern-long. If the price
makes it up to the price-wedge highs we take profit-target and then look to
sell short.
with wave-pattern-long. If the price
makes it up to the price-wedge highs we take profit-target and then look to
sell short.
If these buyers fail to keep price above the PHOD this isconsidered a rejection of the higher prices and we will look short with a 2step
short pattern and then re-entry with the wave-pattern-short.
