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Im watching some great swing trading opportunities on gold futures review schooloftrade

noreply@blogger.com (Joseph James) — Thu, 12 Aug 2010 01:35:00 +0000

gold futures are trading right in the middle of its wide trading range, so right away I can see we need to use caution when trading this market.

The most successful professional traders always use multiple time frames to identify the very best day trading, swing trading and scalping entries, and using this simple technique will identify where we are in the BIG PICTURE.

Seeing the big picture on a 21-range chart of the gold futures we now we are in the middle, so everything we do will be higher risk than if the gold market was at the highs or the lows of this specific trading range.

With that said, our best option appears to be the long side of this market, looking at how sloppy the test of the lows were, we really cant get a clear entry for a short trade because of that ‘cluster’ of yellow lines which tell us sloppy support is waiting for us, which will make our short trade entries more difficult.

So lets keep focused on the long side, as you can see the market has recently tested the lows of the major trading range around 1194.3, and now we are working our way back up to make a run for the top of the trading range.

Considering that we are trading during the summer month of August, trend lines and double-tops are good targets because low volume allows price to ‘flutter’ up like a magnet for price, so buying above 1203.9 will be our main focus.

Swing traders

I can see a swing high level above the overhead trend line which will give us an easy breaker pattern long entry above 1203.9

Considering that we are inside the wedge bracket we need to take our final target all the way up to the highs of this range which is 1211, and I will take ½ my profit off the table when we test the trend line just above 1208.5 to make sure we don’t miss this move if it cant quite make the entire move up…we want a little profit for our hard work J

We are going to have to be patient for this trade to work out, seeing the time of the year and the volume in the markets we may be in this trade for a day or two, but hold tight and make sure you follow your trade management rules.

As always, we will review the precise trade management strategy for this trade in our advanced members training on Wednesday. Contact our team for more info on our lifetime membership.

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Lets review these futures markets for tomorrows swing trading gold schooloftrade.com

noreply@blogger.com (Joseph James) — Wed, 11 Aug 2010 00:44:00 +0000

I can see the gold futures market is trading below the bottom of its bullish channel pattern (green lines) and at the same time we see a wedge pattern (blue lines) puts us at the top of the wedge.

this makes for a great opportunity to the short side by selling the highs of the wedge and the breakout of the channel.

I'm looking to get short on gold futures below 1204.1, with my final profit target of 1197 or the trend line below it as support.

If the sellers don't get their chance on this swing trade short, lets look for the possible reversal for a little higher risk entry long above 1209.9, and then looking for our final target of 1222.0 which is the top of the bullish channel.

Clearly, the short side of this should be considered higher percentage because all the pieces are lined up nicely...

- Sell the highs of the wedge (blue)
- Sell the highs of the breakout below the channel (green)

As always, we will review the precise trade management strategy for this trade in our advanced members training on Wednesday. Contact our team for more info on our lifetime membership.

Scalping Gold Futures

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noreply@blogger.com (Joseph James) — Tue, 10 Aug 2010 03:09:00 +0000

click to enlarge swinig trade gold

Gold futures trading at the lows of the wedge pattern, so we have 2 options:

- Buy the lows of the wedge for an entry long above 1204.8 and taking profit targets at 07.5, and then at the wedge high around 1210

- Or I can sell the breakout with entry short below 1201.1, taking profit targets 97.0, 94.0, and then all the way down to 87.5 for the final profit target.