Tuesday, May 6, 2014

Gold Futures Day Trading Strategy; Buying demanded lows at the BMT

Gold 60-Minute
Gold has pushed up to the wedge highs where we are seeing quite a bit of selling coming in to drop price down to the demand zone below from 1299.8 - 1296.8 with the BMT floating in the middle of that range at 1297.8. I am looking to buy the BMT back up out of demand to revisit the wedge highs and possibly break higher above the previous highs around 1315's.

Gold Entry Chart
Gold came down to test the BMT on the 60-Minute chart as well as running face first into the PLOD sitting at 1305.2. We quickly rejected that move lower for a fantastic Inside Out Pattern Long. The first entry on the 123 reversal never broke above the BMT's and was a bit aggressive the subsequent 456 continuation pattern did giving us a fantastic WAVE Pattern Long to new highs and to our targets! Sometimes a simple pattern is all you need to make solid profits and this is EXACTLY what we cover in the Live Trade Room so don't forget to check our trial out!

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