June 8, 2010
- in Uncategorized by schooloftrade
watching a 2-step reversal day trading pattern on Gold Futures right now…
hey guys, we have an easy pattern setting up right now on the Gold Futures!
as you know, we can apply our patterns to any market, any timeframe, so all you need to do is look for these patterns, follow our specific entry rules, and then manage the trade according to our methods.
here’s what im seeing on gold futures right now…
This is setting up on a 30minute chart, and its a simple 2-step reversal pattern off the High of Day.
Look for your entry below 41.7, my stop will be above the highs at 54.5, and my targets will be 38.9, 26.5, and 12.5.
Be sure to take 1/2 your position off at the first target, and move that stop to your entry point minus 1 tick to lock out the risk and protect your profits.
dont forget, you can always let your trade run through these targets if you simply read the tape and look for the large SELLERS at each level.
I will review this with our members in tomorrows private training, see you there, and good luck on this trade members!
