November 7, 2013
- in Uncategorized by schooloftrade
Simple way to catch a falling knife; Gold price-reversal trade
This morning we saw a huge drop in Gold prices after major news sent the price-action tumbling to new lower-lows after 8:30am EST.
One common question I get in our Live Trade Room is ‘how can we profit from this big move without a lot of risk?’
In today’s video I am going to teach you a simple way to profit from a runaway market or a ‘falling knife’ without taking on too much risk.
First, make sure you check our blog every morning at 7:30am EST when we post our morning prep. This ‘prep’ is our game plan for the day ahead of us, and today we used that information to earn some great profit on Gold.
Second, after we saw the big drop in Gold prices we wanted to buy a major support level, so we waited for the price-reversal to occur on our entry chart, and then just simply looked for the Wave Patterns to get into the trades.
Third, once we found the entry pattern we then managed the trade correctly with a very tight stop-loss (10-ticks) and a very wide profit-target (50-ticks).
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