Thursday, April 17, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold is smack-dab in the middle of everything but being pulled up by the magnet BMT sitting at 1308.4. We still have yet to test it from the bottom end so I will be looking for long trades up to test it at 1308.4 but since we are in the middle, we need to also consider short trades back down to the previous lows at 1296.6 and 1293.5 as well as lower to the wedge lows.



Gold Entry Chart
Gold attempted to push higher and made it to 1303.2 before failing lower. This sell off was quite aggressive and over-extended the 123 reversal leg so we had to skip that entry. Once we had the 456 continuation, it was all lights green for a gorgeous LC WAVE Pattern Short right back to new lows and to fill our targets below without taking any heat on the trade!



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Wednesday, April 16, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold caught that big block of selling to form a new wedge low where the buyers came in strongly to push price back up. I am looking to buy this market higher to test the previous high first at 1304.8 as well as higher to the BMT above that sitting at 1310.4. As we are in the middle of the range we can also consider short trades back to the previous low at 1293.5 as well as lower to the wedge lows around 1287's.



Gold Entry Chart
Gold caught another wave of selling this morning pushing it lower again. This drop lower gave us several opportunities to sell with the fall down as every time the buyers came in, they were immediately smacked right back down again. We then had a 123 reversal pattern right back down for a gorgeous continuation WAVE Pattern Short to fill our targets below as well as a chance for a VERY large trailing target!


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Tuesday, April 15, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold has caught an absolutely gargantuan sell off today dropping price below the BMT way back at 1311.6 and blowing through several demand zones down to the wedge lows around 1287's where we are now bouncing back up again. I am looking to hop on to buy this market back up to the BMT for a quick retest back at 1311.6 before looking to sell right back down again with this aggressiveness.



Gold Entry Chart
Gold pushed lower in to an attempted 123 reversal back lower but just couldn't break the BMT with much conviction. We then saw price reject right back up again for a gorgeous 123 reversal pattern long which gave us our entry right at the BMT's and Trigger Zone for a fantastic Golden WAVE Pattern Long back to new highs that allowed us to get a HUGE move for full profit!



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Monday, April 14, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold has gone up to form a new wedge high at 1330.8 before dropping back down. We are now nearing the wedge lows. I am looking to sell this market lower to test the wedge lows and possibly lower to the previous swing levels at 1216.7 or so. If we start to bounce at those lows we can hop in on the long side back up to supply from 1327.4 - 1330.8.



Gold Entry Chart
Gold pushed below the PLOD's where we had the buyers really try their hardest to defend those lows. The did manage to get a 123 back to the upside but not above the PLOD before they failed back down. This failure gave us a gorgeous 123 reversal right back down for a WAVE Pattern Short into an Inside Out Pattern Short for a gorgeous trade for full target!



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Friday, April 11, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold has been stuck in this supply zone where we are seeing the sellers defend it. We have now broken above the wedge highs but not out of the supply zone showing possible failure once more back to lows. I am looking to sell this market lower back to demand at 1316.7 - 1314 as well as lower under that to the wedge lows and possibly further to the BMT sitting at 1307.5.



Gold Entry Chart
Gold had a strong sell at the pit open at 820am EST where we had price smacked right back down below the BMT's for a 123 reversal pattern allowing us to hop on board with a beautiful WAVE Pattern Short that gave us almost no heat at all on entry as well as dropping farther for a potentially HUGE trailing target to new lows and even farther!


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Thursday, April 10, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold had a very strong rejection at the BMT back at 1304.3 where we saw the buyers SMASH price higher to expand the wedge highs right back up again. I am looking to go long with these buyers up to supply at 1328.8 - 1330.5 but we also should be seeing a corrective move for some profit taking so I will also consider short trades back to demand at 1312 - 1311.



Gold Entry Chart
Gold attempted to push higher into the HOD where the sellers came right back in again to reject the expansion and knocked price back below the BMT's for a 123 reversal pattern. This reversal gave us a gorgeous entry that really didn't take any heat before falling off the planet giving us a HUGE chance to bag a solid trailing target as price fell VERY hard!



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Wednesday, April 9, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold has rejected the demand zone above at 1312 - 1314.7 and is now resting right at the BMT at 1301.7 and the wedge lows. This is a very solid area to look to buy this right back up again. I am looking to hop on to the buy side and looking to target the wedge highs back at supply at 1312 and the wedge highs above that. If we do crack below the BMT we can look short to demand from 1297.7 - 1295.8.



Gold Entry Chart
Gold pushed down to a total low of 1301.1 where we smacked into the BMT on the 60-Minute as well as the wedge lows. We then saw the buyers come right back in to push price firmly above the BMT's as well as into a 123 reversal pattern to new highs. This gave us a gorgeous looking WAVE Pattern Long that quickly filled our targets above in one solid move!



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Tuesday, April 8, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold caught a VERY large block of buying to knock prices quite a bit higher up to expand the wedge highs to new highs. I am looking to sell this market back down to revisit previous resistance as support around 1307's as well as lower to the BMT sitting down at 1299.4. We also have the option of buying with the expansion of the wedge highs up to supply from 1316.8 - 1318.7.



Gold Entry Chart
Gold attempted to break higher at the open at 820am EST but this move was quickly met with sellers dropping price lower. This push down broke below the BMT's as well as fired off a 123 reversal pattern for us to hop on with. It was a bit sloppy at first but when we finally broke the BMT fully it became quite a nice move to new lows for us to take full profit out of!



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Monday, April 7, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold is stuck at the wedge highs and is tightly channeling lower and is now hung up at the BMT right at 1298.7. I am looking to sell Gold down to demand below the BMT from 1293.8 - 1286.4 which also has the wedge lows in the mix. If we do bounce off the BMT we can also consider taking long trades back to retest the wedge highs around 1302 or so.



Gold Entry Chart
Gold pushed into the lows of day which at the time was sitting at 1298.2. The sellers just could  NOT break below that level bouncing off of it 6 times in just one attempt with several attempts earlier. We then pushed higher for a 123 reversal that broke above the BMT's for a solid looking WAVE Pattern Long for us to hop on with for a quick profit target before reversing once more!



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Friday, April 4, 2014

Gold Futures Day Trading Strategy

Gold 60-Minute
Gold caught a HUGE amount of volatility today at 8:30 with the NFP news coming out which shot price straight up into new highs and firmly above the BMT back at 1297.8. This push higher happened very fast and because of this we can look for it to fall back down a bit for some profit taking back to the BMT and possibly a bit lower before continuing into normal market movement.



Gold Entry Chart
Gold pushed up and above the big round number at 1300 which was also above the PHOD. This push higher was met with a bit of selling pressure to push price down into a gorgeous 123 reversal pattern to attempt to drop price back into yesterday's range. This also set up a Golden WAVE Pattern on the downside for us to trade which ran right down to our targets below!



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