Today’s commentary took notice of the most recent downleg’s narrow failure to reach a compelling midpoint support. This is bullish as far as it goes, although we’ll want to see further proof each step of the way. Most immediately, that would require a pop above the 1751.30 peak labeled in the chart. If the implied ‘point B’ peak were to fall below the slightly higher peak just to the left of 1751.30, it would set up an excellent ‘camo’ buying opportunity. I’ve sketched this out hypothetically to guide you (see inset) and will record and track a four-contract position officially if things play out more or less as sketched. _______ UPDATE (2:16 p.m. EST): Gold head-faked its way to a fleeting peak at 1760 before collapsing more than $50 to a so-far low at 1707.80. There was an opportunity to get long via ‘camouflage’ for the final upthrust, but you’d need to have been nimble to come away with a profit. Now, my minimum downside target (5-min) is 1703.10, the Hidden Pivot midpoint of A=1760.50, B=1711.70 and C=1727.30. My very strong gut feeling, however, is that the 1633.00 midpoint support of a larger pattern drum-rolled here earlier will need to be achieved before February Gold can try to find traction.
Comments on this entry are closed.
Click here for a special deal for graduates of the Hidden Pivot Course who want to stay on the cutting edge
Tuesday, April 17, 2018
The consistent accuracy of Rick Ackerman’s forecasts is well known in the trading world, where his Hidden Pivot Method has achieved cult status. Rick’s proprietary trading/forecasting system is easy to learn, probably because he majored in English, not rocket science. Just one simple but powerful trick -- managing the risk of an ongoing trade with stop-losses based on ‘impulse legs’ – can be grasped in three minutes and put to profitable use immediately. Quite a few of his students will tell you that using ‘impulsive stops’ has paid for the course many times over.
Another secret Rick will share with you, “camouflage trading,” takes more time to master, but once you get the hang of it trading will never be the same. The technique entails identifying ultra-low-risk trade set-ups on, say, the one-minute bar chart, and then initiating trades in places where competition tends to be thin.
Most important of all, Rick will teach you how to develop market instincts (aka “horse sense”) by observing the markets each day from the fixed vantage point that only a rigorously disciplined trading system can provide.
The three-hour Hidden Pivot Course is offered live each month. If it’s more convenient, you can take it in recorded form at your leisure, as many times as you like. The course fee includes “live” trading sessions (as opposed to hypothetical ‘chalk-talk’) every Wednesday morning, access to hundreds of recorded hours of tutorial sessions, and access to an online library that will help you achieve black-belt mastery of Hidden Pivot trading techniques.
The next webinar will be held on Tuesday, April 17. Click below to register or get more information.
10-Year Rate Creeping Toward the Red Zone
Thursday Is the Big Day
Jake, It’s Chinatown
An Avon Lady in North Korea’s Future?
Bull Market’s Fate Rests with Amazon
Inching Toward the Next Cliff
Range-Trading ‘Water-Torture’ Ahead?
Here’s the Plan for a Boring Friday
The Death of Comedy
‘90% Indicator’ Is Unusually Bearish