August 29, 2011
- in Uncategorized by schooloftrade
Follow our trade plan; Price Wedge helps us hit out daily goal day trading Gold Futures
Price Increase Scheduled for Sept 1, 2011
800am est
Gold Futures are trading in a price wedge this morning on our 89range chart.
– Price Wedge
– Bull Channel
– Sideways Range
Our 89range chart shows us the major support levels below us, and gives us easy profit targets if price is to keep rising.
Bull Channel says to buy pullbacks with new highs, and to buy at support as price falls.
The price wedge tells us to buy the lows and sell the highs of the wedge. Avoid the middle, and beware the fake-out breakout from the wedge.
Don’t forget! Monday morning you don’t use SUNDAY’s trading range, we use Friday’s.
We use the 34range chart on Gold to get a more accurate view of what’s REALLY going on today.
– Price Wedge (narrow)
– Trading at the OPEN
Inside Day and Price wedge tell me to sell as price rises and to buy as price falls.
I want to sell as price rises until we break above the 1828.0 area and then buying pullbacks with new higher highs.
I want to buy as price falls and then selling retracements with new lows below 1808.7.
I want to avoid the middle of the range around 1820.0 area.
I want to sell the PHOD as resistance, and then buy a pullback with new highs above the PHOD.
The same is true (but opposite) for the PLOD.
Avoid the BMT 1809.8 because it will be sloppy on ANY timeframe.
850am est
We took two trades on gold, following the plan, buying the lows of the wedge for a winning trade.
Now we move to crude oil ahead of the 900am EST Pit opening of crude.
– Price Wedge, recently broken with new highs
– Bull Price Channel
– Sideways Range
Price Wedge reminds us to sell as price rises, and to buy as price falls.
Sideways Range gives me easy levels overhead to sell as major resistance, and easy levels of support below us to buy.
Bull Channel reminds me to buy pullbacks with new higher highs, however, the personality on this market today makes buying breakouts higher risk (wedge)
930am est
Russell Futures are trading in a bull price channel and price wedge on the 89range chart.
We want to buy pullbacks with new higher highs using the bull channel.
We want to sell at resistance overhead and buy at support levels below us first as price moves higher or lower.
We then will consider buying pullbacks or selling retracements considering that price wedge.
Russell futures:
– Price wedge
– Bull channel
– OUTSIDE DAY above the PHOD
My plan on the Russell will be to use the bull channel so buying pullbacks with new higher highs, being sure that at major resistance we take profit and look to sell at major resistance first.
As price rises im selling at the 89range major resistance levels first, and then with new higher highs then buying pullbacks.
If price falls im using the bull channel as my guide so im buying at support as price falls first, and then with new lower lows i then start selling retracements.
If price falls back below the PHOD 701.8 we then have sellers in charge so im selling retracements below the PHOD which is because it becomes an INSIDE DAY.
945am est
We see new higher highs on the Russell and we have a wave long on the 13range chart.
We also had very positive GDP reading out of Europe which has gold falling below 1800 and resting at the 89range BMT.
