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We’ve been waiting for this day on Gold Futures; 380 ticks of profit

We’ve been waiting for this day on Gold Futures; 380 ticks of profit

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Published by Joseph James
All of our patience on Gold paid off today, earning over 380 ticks of profit in a very fast-moving drop off the all-time highs.
We began the day with 3 easy clues on Gold, and we used those clues to identify the best trading times and location today.
The key today...when do the sellers take control?
All of our patience on Gold paid off today, earning over 380 ticks of profit in a very fast-moving drop off the all-time highs.
We began the day with 3 easy clues on Gold, and we used those clues to identify the best trading times and location today.
The key today...when do the sellers take control?

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Published by: Joseph James on Aug 25, 2011
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05/12/2014

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Market Commentary 8/24/11 Schooloftrade.com
Crude Oil Futures: 89Range chart shows us a bull price channel, price wedge, and asideways range. We know the bull channel tells us to buy pullbacksand to buy at support if price falls.We also know the wedge tells us tosell the highsand buy the lows of the range.We also know the sideways market tells us the same, buy the lows, sell the highs, and avoid the middles.We need to trade within the range using the sideways market and the wedge, and then looking at the BUYINGopportunities at the lows, or with pullbacks at new highs as thehigher percentage trade.We then open our 34range chart and begin looking for intra-day levels.We have aninside day, so this tells us more about themarket¶s personality. Our plan of attack today on crude oil:-
 
Bull Channel tells us to be buying pullbacks with new highs-
 
Buy at support as price falls with a bull channel-
 
Price Wedge and the INSIDE DAY both act the same. As price falls we buy the support, and as price riseswe sell at resistance.-
 
Avoid the middle of the range as best we can, i know its narrow out there-
 
Be patient and wait for the best opportunities early this morning-
 
Watchthe 3 Phases of Crude Oil Inventories -
 
Be disciplined not to over-trade too early to the news or too late with themajor news tomorrow.
815am est
Gold Futures:Gold 89range has a bear channel that is now intersecting the major bull channel.We have to beware that the bull channel is more important, so when the bear channel collides with these lows weneed to wait for price to make a new lower low to be able to use the bear channel.This also creates a price wedge using the bear channel highs and the bull channel lows.We also see a sideways range, with major resistance overhead and major support below us. Now let¶s use the 34range to find our intra-day levels.We see a very narrow range on gold 34r chart and compared to a wide range from Tuesday we see this as anINSIDE DAY that is even more concerning. Is the market tired? Or is it just looking/waiting for a catalyst thismorning?We can see more price wedges, which goes hand in hand with the INSIDE DAY personality.Our plan of attack on Gold:-
 
Beware the narrow price action, looks very sloppy and consolidated
 
-
 
Price Wedges and INSIDE DAY tells us the same thing. Sell the highs, buy the lows, and avoid themiddles.-
 
The OPEN of the day is nearby, and this is another red flag and area I want to avoid.-
 
There is no direction bias, we have both bull and bear channel colliding at this location, so this is atransitional area.-
 
As price falls im buying-
 
As price rises im selling-
 
When we break the lows of the bull channel i can then look to sell retracements-
 
If we break the highs of the bear channel then i can buy pullbacks.-
 
Buying new lows all the way down to 1826.0 and then looking to sell retracements-
 
We will be selling all the way up to 91.0-94.5
9
10am est
We took 4 trades on gold and made some good money simplyfollow our planbuying the lows as price fell thismorning. Now we look at crude oil and the personality stinks, very inconsistent and choppy at the highs of the wedge.The key on crude oil is to sell the highs and buy the lows. SO selling 86.00 and buying the 85.09 for our next high% trades.
9
25am est
Euro Futuresare still trading in a range-bound market with a very obvious inside day and price wedge, which furthr confirms the same plan of attack we¶ve had for 3 weeks on the euro.Price Wedge tells me to sell the highs and buy the lows.Inside day tells me to buy the lows and sell the highs.Most important! The market personality over the past three weeks has told us to be very careful buying new highs,or selling new lows. We want to µfade¶ the move, so as price rises we sell at resistance and as price falls we buy atsupport.
 
Selling 4473, and the PHOD 4497 as resistance.Im buying the wedge lows 4342 down to 4300 and beware theBMTat 4349 may be in your way when that tradesets up.The biggest challenge will be waiting patiently for the euro to fall to the lows so we can buy or to get back to thehighs so we can sell.
9
45am est
We see the PLOD hold as price drops on the Gold futures.This is a big BULLISH CLUE from the traders on gold.If we break below thePLODwe then consider sellers in charge and we look to sell retracements.
1000am est

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