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$40 Rally Just Ahead in Gold?

By: Rick Ackerman, Rick's Picks

 -- Published: Sunday, 27 September 2015 | Print  | Disqus 

Friday’s pullback to p=1141.90 triggered a mechanical buy there for a possible ride over the near term to as high as 1185.90. However, because this implies a relatively wide initial stop-loss at 1127.30, traders uncomfortable with the entry risk could cut it down to size by doing the trade camouflage-style on a chart of lesser degree.  An appropriately subtle example can be found on the 30-minute chart using these coordinates: A=1144.30 at 4:30 p.m. on 9/25; B=1148.40 at 6:00 p.m.; and C(?)=1145.20 at 7:00 p.m.  This is obviously a still-developing pattern, since the ‘C’ low is a yet unformed. I proffer the pattern nonetheless because it’s the ones that relatively few traders notice that often work best. In this case, the theoretical entry risk would be about 1.10 points, or $110 per contract. If you are capable of finding this pattern, or something like it, you are probably qualified to trade it.  Click here for a free two-week trial subscription to Rick’s Picks that will give you access not only to daily trading ‘touts’, bulletins, updates and impromptu trading sessions, as well as to a 24/7 chat room that draws veteran traders from around the world.


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 -- Published: Sunday, 27 September 2015 | E-Mail  | Print  | Source: GoldSeek.com

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