Tuesday, April 21, 2015

Price Action Trading The Gold Futures Spike and Ledge Pattern; SchoolOfTrade.com

Selling the breakdown of the Spike and Ledge Pattern on Gold allowed us to pick up a gorgeous 98 ticks this morning!

In today's video we see Gold collapsing down after the Spike and Ledge and kicking back into the EMA for a re-entry.

This gave us an opportunity to hop on board with the move and put away $980 on the trade!

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Spike and Ledge formations don't happen super frequently but when they do you can expect some SERIOUS movement as they typically take back the entire initializing spike. This means that, even if you are getting it a bit later, you can still eek out a gorgeous move like we saw on the trade this morning!

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