This Is How You Beat a False Reversal

Happy Friday, Daily Direction readers!

We’re still following the gold futures market (GC) as both the long-term and short-term directions remain up after the market dropped below the bottom of the channel in a false reversal. We’re actively looking for opportunities to buy the GC!

We’ve followed the GC market for a while as it gave us a good turnaround after dropping from a high price. Now, the price has dropped toward the bottom of the channel and given us a new bullish push.

The daily and one-hour timeframes are both trending upward, indicating that the market is providing us with long-term trading opportunities. As the market approaches the 1824.9 price, we’ll keep hunting for buying opportunities in the GC.

Daily Timeframe Analysis

The market is presently going upward on a daily basis, indicating that our long-term outlook remains favorable.

We’ll keep a watch on the daily timeframe to ensure that the GC continues to rise.

DAILY TIMEFRAME

The long-term direction is up for the GC

1-HR TIMEFRAME

The short-term direction of the GC is up

THE BOTTOM LINE

The GC has rebounded from a false reversal and is in the buy zone


Learn more about the Daily Direction Indicators here…

Daily timeframe
The GC daily timeframe shows the market pushing up toward the daily up Fibonacci

As the market continues to rise, we’ll want to keep an eye on our trendlines to see whether the trend shifts unexpectedly.

We’ve already seen one false reversal, so take care to watch the long-term trend for any signals that the market is attempting to do something unusual. And that’s why accurate trendlines are so important for this strategy.

One-Hour Timeframe Analysis

The GC is rebounding from the false reversal, breaking the counter trendline, and moving into the buy zone on the one-hour timeframe, offering us chances for buying the market.

If you followed along over the last few days, then you made the right decision to not ditch the GC. We’re now actively looking to buy the market at low prices in the buy zone!

One-hour timeframe
The GC has recovered from the false reversal and is moving into the buy zone

This is an example of how my technique may assist you in detecting changes in the futures market. We’d be shooting in the dark without these timeframe analyses! A reversal can be genuine, but as the GC demonstrated, it can also be fake.

The Bottom Line

The GC is moving upward in both the long-term and short-term directions. The market recovered from a false reversal, pushed bullish through a counter trendline, and is moving into the buy zone. That means we can once again look for opportunities to buy the GC.

So long as the market stays above the bottom of the channel and moves toward our up Fibonacci extension, we’ll keep looking for low prices within the buy zone.

The Bottom Line
We’re now actively looking for buying opportunities in the GC

The current setup within the GC is more evidence of how my strategy can help you navigate the ups and downs of the futures market. So, don’t waste any more time. Get started today!

Keep On Trading,

Mindset Advantage: Ignore The News

Those talking heads will get you into trouble.

They’re entertaining and have a lot to say. And yes, they bring you information. But when it comes to your trading, those talking heads can cost you a lot of money.

Why? It’s their job to entertain and retain viewers. They’re not there to give you the entry or exit strategies, let alone any insight that will provide an advantage.

By the time the information is coming out of their mouths, the market has already responded.

And when it comes to news that’s about to come out, they really don’t know what’s happening. So don’t let them whip you into a frenzy. Please don’t take the information they provide and place a trade on it.

Don’t follow the herd. It’s headed over a cliff.

Traders Training Session

future price direction
Anticipating Future Market Price Direction

Stay tuned for my next edition of Josh’s Daily Direction.

And if you know someone who’d love to make this a part of their morning routine, send them over to https://joshsdailydirection.com/ to get signed up!

Josh Martinez

Josh Martinez

Josh Martinez is an elite Analyst who’s been actively trading the financial markets since 2011. He’s known as one the leading innovative traders in this industry due to his his cutting-edge strategies.

Josh first burst into the scene when he took an initial deposit investment of $500 and turned into over $39,000 in just under 2 years.
Josh’s trading articles have been featured in Your Trading Edge, The FX Street, Trader Planet, Forex Crunch, Trading Pub, and Equities.com.

In addition to trading, Joshua has also trained thousands of traders worldwide. His strategies and systems have helped others find success in the market

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