August 7, 2013
- in Uncategorized by schooloftrade
Gold day trading strategy
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| Gold Anchor Chart #1 |
Gold is trading lower
this morning in a very narrow trading-range as it moves towards the lows of the
range and major support at 1267.1. We
can see the long term trigger-zone support at 1264.8 and overhead trigger-zone resistance
at 1296.1.
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| Gold Anchor Chart #2 |
This downward trend tells us
to keep selling short using the wave-pattern-short. Our easy profit-target for the short-sellers
is the support at 1264.8.
to keep selling short using the wave-pattern-short. Our easy profit-target for the short-sellers
is the support at 1264.8.
 |
| Gold 5-Minute Chart |
We can see a narrow trading-range
from the overnight London trading Session and we can see a very narrow price-action
with a price-wedge forming in the short term.
This narrow range and consolidated price-action tells us to beware of fake-out-breakouts
and to stay patient today ahead of the morning session.
from the overnight London trading Session and we can see a very narrow price-action
with a price-wedge forming in the short term.
This narrow range and consolidated price-action tells us to beware of fake-out-breakouts
and to stay patient today ahead of the morning session.
 |
| Gold Entry Chart |
The final step of
analysis is to look at the 610-tick entry chart. We can see it’s very sloppy at this time, but
it’s easy to define the bearish price-channel and that tells us that high-percentage-trades
will be selling short this morning. As
price rises I’m looking for a price-reversal and a selling-opportunity. As price falls off the highs of the price-channel
or makes new lower-lows I am selling retracements with our wave-pattern-short.
Our profit-target on the short selling will be the lows of the price-channel.
analysis is to look at the 610-tick entry chart. We can see it’s very sloppy at this time, but
it’s easy to define the bearish price-channel and that tells us that high-percentage-trades
will be selling short this morning. As
price rises I’m looking for a price-reversal and a selling-opportunity. As price falls off the highs of the price-channel
or makes new lower-lows I am selling retracements with our wave-pattern-short.
Our profit-target on the short selling will be the lows of the price-channel.
