Price Reversal Pattern & Fast Track Profits trading Gold Futures

800am est

The US Dollar Index is trading sideways this morning with a wedge pattern developing.

We know the sideways range tells us there is no directional bias, and the price wedge alerts us to potentially sloppy and slow price action on the markets we trade.

830am est

Gold Futures trading inside the range from Wednesday with a price wedge.

Our three price structures on Gold:

-          Inside Day

-          Price Wedge

-          In the middle of the range

Our plan of attack is simple:  as price rises to resistance we look for selling opportunities at the highs of the wedge and the highs of the range.

If price falls to the lows, we will buy the lows of the wedge and the range lows.

As long as we are within the previous day’s trading range we will fade the breakouts, selling as price rises and buying as price falls.

900am est

Crude Oil Futures are looking very familiar today, we’ve seen this structure before:

-          Price Wedge

-          Inside Day

-          Sideways Range

This is going to be easy to find the best locations, the hard part is simply waiting for price to move higher or lower.

If price rises im selling at the highs of the wedge and the highs of the range.  Selling PHOD as resistance and then buying pullbacks above the resistance.

If price falls I’m buying at the lows of the range and the wedge.  I will buy the PLOD as support and the sell retracements below the PLOD as resistance.

945am est

We sold the highs of the channel on gold for a fast track winner, and we then wait for the major support levels to break for re-entry to finish the move.

Mini Russell price structures are as follows:

-          Inside Day

-          Bear Price Channel

-          Price Wedge

Inside day and price wedge tell me to sell as price rises, and buy as price falls.  The Bear channel gives me a directional bias.

If price rises im selling at the wedge and channel highs, selling at major resistance, and selling the PHOD at 685.4

If price falls im buying the lows of the wedge, the lows of the range, and the PLOD 646.6.  as price falls im looking for buying opportunities at major support.

Avoid the middle of the wedge, the BMT, and trading short with oversold, and long with overbought.

1000am est

Gold is in the middle of the price wedge, lets wait to buy the lows above 1612.6, sell the highs  around 1630-33.0

1100am est

Market personalities are slowing down, as we expected since we had big 830am news this morning.