The GC daily time frame was in an up channel. The market broke above the up channel and is now finding support at the back side of the old up channel. There is an up fib with an extension price point 2406.4 about +4,500 ticks away. As long as the market stays in the buy zone. I plan on turning to the one hour time frame and looking for the market to enter into the buy zone.
Looks like the market is starting to close below support. I am closing out of my buy trades until the market enters back into the buy zone.
adurimurthy
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HI Josh,
When you say 4500 ticks away, can we buy and hold till it moves that high from where it is in one trade? or is it doing multiple daily trades till all the upside is captured?
thanks,
Murthy Aduri
That depends on the trading strategy you choose. I would imagine some people would like to buy and hold. Others could use this as a guide and apply their favorite entry strategy off smaller time frames towards this idea limit. As of now. The idea is not looking too good. If the market closes below the daily support (Top blue line) then it will be a good idea to exit any buy position and then look to get back in when the market is back in the buy zone. As long as someone trades with good risk management the research shows buying in the buy zone and selling in the sell zone and a strong idea for success over time.
adurimurthy
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@JoshuaMartinez,
Thanks for the details. I lost some in the micro gc and entered the GLD today.
jefferybj
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josh are you in the gold trade or you waiting for lower price on one hour ?
JoshuaMartinez
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@jefferybj, I'm in the gold trade now...But am negative. I'm keeping my eye on the daily support. If support fails. Ill have to make a decision to close my trade and wait for the market to enter back into the buy zone.