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820am est

-à ’eviewing gold futures this morning

-à We see the same sideways range from Monday and we are off the highs slightly and looking for trading
opportunities
-à Bullish price channels are EVE’ WHE’E which confirms our assumption that rising prices are trying to
push new highs but not having much luck
-à We have an inside trading day, inside the range from Monday, which means we need to treat this like a
sideways market, so buy the lows and sell the highs
-à We can trade in any direction, but we need to follow the simple rule
-à Buy at support, and sell at resistance

Our plan of attack on gold futures this morning

-à Sideways market means we can trade long or short

-à If prices rise im selling the highs of the day, selling the PHOD and selling the new highs as they are made
-à These are the all time highs on gold, so we don͛t want to buy them, we always look to sell the highest
highs on any market
-à If prices fall im buying support first, then selling retracements as we see new lower lows
-à Im buying 1493.8 as support, buying lows of the short term channel @ 1491.0 beware around the OPEN
this may be more difficult to find easy entry
-à Im buying 88.2 as support, 84.0 as support and all the way down im buying the lows of the range and the
PLOD at 77.8

845am est-

-à We see the dollar index has dropped off the swing highs, testing the 76.000 level from Monday
-à We see falling dollar which may result in rising prices today
-à The key to the dollar correlation is VOLUMe, so lack of volume today will results in not so perfect
correlation with the markets we trade
-à We still have the dollar trying to drop, and this should result in buying pressure on crude, gold, ’ussell, es,
etc
-à Dollar shows higher lows in the AT’ which is a good sign, but the sloppy atr since earlier this morning tells
us these markets as a whole are lacking conviction, looking for more answers to rising or falling

930am est

-à We͛re having fun, making some money, learning about reading tape and what makes a trade higher and
lower risk
-à We saw the token print on crude oil today @ 900am when we tested the 106.00
-à We knew it was the token b/c of the way the price reacted with SHA’P reversal off the lower lows, and it
happened FAST.
-à Now we are trading inside the range from Monday and we need to make a new plan of attack

Plan our trades on crude oil:

 -à We͛re at the lows of the wedge
-à We just broke above the PLOD
-à We saw the token print at 106.00 for the price reversal
-à Falling dollar (big picture)
-à All signs point to rising prices
-à If price rises what do we do?
Êà Buying above the lows of the wedge
Êà Avoid trading around the OPEN of the day on crude @ 107.27 it will be sloppy
Êà Im selling first, then buying new higher highs with pullbacks
Êà Im selling 107.64 for a short term scalp
Êà Im looking to buy the lows of the wedge as the high % move, so selling 64͛s may be higher risk,
we͛ll see where the momentum is at that point
Êà Im buying a pullback above 107.64
Êà Selling 108.00, 107.95 is the BMT so beware trading around the BMT, look to take profit and look
to sell with 2step reversal
-à If prices fall
Êà Selling below 107.27, below 107.00, below 106.62,
Êà Im buying first as prices fall, so buying support at 107.10, 107.00, 106.62, 106.01, 105.79
Êà As prices fall im buying first, then selling new lower lows with a retracement

945am est

-à We see crude oil break above the wedge lows and above the PLOD for the 2nd time today
-à We also see these attempts are FAILING
-à We don͛t really know if the price will keep rising, but right now it APPEA’S this move up is coming to an
end.
-à Lets wait patiently and see where we go from here

1000AM EST

-à The personality on this market is now much different than it was earlier this morning
-à We͛re trading very weak into overhead resistance
-à We cant seem to make new highs or new lows
-à Every time we see BIG MONE it does NOT spark a BIG MOVE like it did earlier this morning
-à Lets trust our rules, lets not end this day on a bad note trying to force trades just because its 10am
-à We have a holiday today, the day after tax day and we have no more news today
-à These are all reasons why this morning may end early
-à Not to mention we saw a LOT of action for the last 90 mins, which leads us to think we will NOT see the
Golden Lunch

1035am est

-à We took our last trade on the crude oil when we broke the new HOD, buying pullback for the entry
-à Now we are well aware this market is slowing down, but we DON͛T KNOW if its dead for the rest of the
morning
-à We have three options now
Êà Sit on hands and wait for 1130am and see if this price action gets any better
 Êà We can move to a demo account and keep trading through it
oà Don͛t kill your confidence before we see price action later today/tomorrow
Êà We can trade smaller size and be EXT’A careful.
-à So lets sit on our hands until 1130am so we don͛t end this day on a sour note
-à Lets plan ahead just in case the market starts to move for us
-à   
Êà If prices rise im selling resistance at 108.13, beware the BMT at 107.93
Êà If prices fall im buying at support at 107.00 but looking for entry above the PLOD of 107.10,
looking for buyers above 107.11
Êà If we break below 107.00 sell a retracement, do not sell the lows
Êà If we break above 108.13 we buy a pullback on increasing speed, we don͛t buy at the highs.
Êà Buy at support, sell at resistance

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