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.
The long-term direction is up for the GC
The short-term direction of the GC is up
The GC has rebounded from a false reversal and is in the buy zone
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!
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 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
Stay tuned for my next edition of Josh’s Daily Direction.
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