November 1, 2012
- in Uncategorized by schooloftrade
Gold Futures Trading Morning Prep:
The 30-minute
chart of Gold shows us a range-bound market.
This is considered a range-bound market personality. Buyers tried and they failed above PHOD. In other words, the breakout was a failure. The
big FULL-bodied candles tells the story.
We can see a
bullish price-wedge and a bearish AB=CD Pattern that tells long term buyers of
gold that NOW is an excellent to buy, with a profit-target at the 1850.0
reversal zone resistance above us.
bullish price-wedge and a bearish AB=CD Pattern that tells long term buyers of
gold that NOW is an excellent to buy, with a profit-target at the 1850.0
reversal zone resistance above us.
With every
perfect AB=CD Pattern comes the potential for a price-channel, and we can see a
major bullish price-channel that confirms resistance above us at the same level
as the AB=CD Pattern.
perfect AB=CD Pattern comes the potential for a price-channel, and we can see a
major bullish price-channel that confirms resistance above us at the same level
as the AB=CD Pattern.
We move tothe 21range chart, the much faster timeframe and we see right away 2 distinct
bullish price-channels.
We are
trading at the highs of the range from Wednesday, just about to break the PHOD which
will turn this market personality from range-bound market into a bullish market
personality above the PHOD.
trading at the highs of the range from Wednesday, just about to break the PHOD which
will turn this market personality from range-bound market into a bullish market
personality above the PHOD.
The biggest
challenge for the buyers above the PHOD will be the resistance at these price-channel
highs.
challenge for the buyers above the PHOD will be the resistance at these price-channel
highs.
If pricerises we’re very cautious trying to buy into these highs.
If price
falls we are buying the lows of the price-channel first at 1721.5, however, if
these lows are broken, we will look to sell below the 1721.0 with profit-targets
at the LOD, and the PLOD all the way below us.
falls we are buying the lows of the price-channel first at 1721.5, however, if
these lows are broken, we will look to sell below the 1721.0 with profit-targets
at the LOD, and the PLOD all the way below us.
