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anchor chart shows us trading at the major resistance trend-line around
1340.0. We can also see the short term
trend is very narrow and we have a short term price-wedge that has
developed. This market sentiment is
clearly un-decided for where this price-action will be going next. We want to use this as a big clue to trade
this market as a sideways-trading-range.
We can see
clearly that this market personality is trading sideways on Gold using this
hourly anchor chart. We need to trade by
selling the highs and buying the lows while avoiding entries in the
middle. We also know that eventually
this price-wedge will get too narrow, and when that happens a large breakout is
expected. We will use the 1333.8 above
and the 1317.5 below as the lines in the sand between a breakout and a fake-out-breakout.
We can see
the InsideOut Set-up has triggered LONG after we broke below the PLOD and could
not stay below this level from Monday.
Now the sellers have failed and our job is to use the Wave pattern to