If you trade for any length of time, you will see these Harmonic patterns in your mind, over and over, without putting them on a chart like attached chart example. Wish you best in your trading and keep it as simple as possible for the greastest success rate.
If you do not know what an AB=CD Pattern look like (either Bearish or Bullish), you can look at youtube videos and or read about them. They are very basic, but profitable too. I expect with GC/Gold that 1308 will be a retracement area, then continue to drop more for rest of this week. Big picture is: $1260.
On chart, just waiting for price action break in either direction to get in, then set stop at this time. Yellow box area.
Just buying at open on Monday 14th, a $1,000 worth stock or (223 shares), would be around $340 profit. No bad rate of return within next few months. Yes, $6.00 is goal and exit at this time. Will either write covered calls or buy call options. Have a plan and trade plan.
Think GC/Gold is finishing up 3-4 correction wave, then at 1316 will be turning bullish on Monday. Will be following closely.
If YES, $11.00 to me looks like a major SUPPORT area and time to buy contracts, futures or....Just some thoughts on Sugar, love breaking down charts.
Just like last May/June 2017..............what happened? Yes, a lot of commodities are CYCLICAL in nature. The means they have a low and high period that happens every year, sometimes in the same months.........over...........and..........over.
When dollar does FALL rest of week, what does that do to USOIL or GC/Gold...... that will give you direction to trade related to several markets. Major resistance of DXM18 is 93.000... enjoy the ride down.
Price action, charts, support/resistance and YES, 30 degree and 45 degree trend angles will help you see the way thru the dark, to sunshine. Buying time.
Sometimes, what happens when you are sleeping will affect how you trade during New York Session. Oil is all time highs since a few years ago, could take a big bear dive today.... more room on bottom then top at this time.
Bullish Cup and Handle Pattern has just completed, so trade with bulls or get run over by them...ouch!!
Stay Bearish until down trend is broken at around $1290. Around $1320 is major resistance at this time.
This could be a major RESISTANCE, which is now or if price action breaks could turn into a SUPPORT. Just play the bearish side until then.
See charts for more details. Still in strong up trend at this time, but will retrace in mid day.
Wait for SPY price action to find a major support area, like $263 then jump on Bullish Train. Patience is a must in trading game.
See chart, price action is now making HANDLE of cup and handle pattern, so let handle complete and find support. Then take bullish trade for rest of day.
Chart will let you know when to enter or exit a trade. Keep charts simple, use a couple of indicators: BB, MA 50, Cloud and Fib Ret...don't fight charts.
Make a plan and trade plan. On ES I set an initial stop loss of $100 to $200 or (2 to 4 points), you need to let your trades breath, before they take off in your researched direction of profit. Depending on your account size, set your stop losses 0.5 % to 1.0 away from current price action. Good luck and hope you learned something from this nugget of wisdom.