Tuesday, October 8, 2013

Gold Day trading strategy; SchoolOfTrade.com

8:00am EST

Gold Anchor Chart
Gold Futures opened the session at the lows from Monday and we are waiting patiently to see where the first few minutes of trading session go from here.  If we close below the 1316.9 we are bearish and selling short down to 1305.1.  If we can’t get below the PLOD 1316.9 we will then assume the sellers have failed (rejection) at the PLOD and we will look for a buying opportunity as price moves higher.  Our profit-target for the buying opportunities is the GAP-fill at 1325.0 and the PHOD at 1329.5

The anchor chart on Gold tells us to buy those pullbacks this morning using our wave-pattern-long.  With the bullish trend price-channel on the anchor chart we know exactly what direction we want to trade this morning.

Gold Set Up Chart
The only concern we have on Gold for buying this morning is the set-up chart, which is moving in the opposite direction and needs to confirm first before we get into that first trade today.  We need higher-highs and higher-lows on the set-up chart in order to get the easy money out of Gold today.

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