Monday, December 10, 2012

Gold day trading plan


Gold day trading plan
Gold day trading plan

Gold day trading plan
Gold day trading plan
Gold bounced off the lows of the price-wedge on Friday morning of last week (trade was called live in our trade room) and now we find ourselves trading in the middle of the price-wedge and we’ve drawn a new short term trend line as resistance at the recent swing-high to create a more narrow price-wedge for which we are dropping off the highs.

We can see price-action is trading outside-day today above the PHOD and this means the bulls in the market saw value at new higher prices.  Now we wait and see if the buyers will continue to make new higher-highs or if these buyers will fail and if price comes back down to the PHOD.

If price rises higher this morning we are running right into resistance at the trend line and the 1720.5 trigger-zone lows.  As price rises we are looking for the price-reversal at this overhead resistance.

If price falls we know we are falling from the highs of the short term bearish price-channel, and the selling opportunities will be the high-percentage-trades with the target at the PHOD and then if we can get below the PHOD we will sell short aggressively down to the PLOD and the area around the price-wedge lows at 1757.0.

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