Monday, September 30, 2013

Gold Day trading strategy; SchoolOfTrade.com

Gold Anchor Chart
Gold is trending LOWER this morning on our anchor chart.  We can tell the trend is bearish because we see lower-lows and lower-highs, along with a red ‘cloud’.


Gold VIP Chart
We analyze the 15-minute VIP chart and we can see more confirmation that we need to sell short this morning after the opening print was below the lows from Friday and we have NOT moved back above the PLOD.


If we sell short this morning on Gold our profit-target is the PLOD at 1319.2.  If the price-action reverses we will buy above the PLOD at 1336.6 and use the PHOD at 1344.5 as the profit-target.

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