Ricks Picks

GCQ18 – August Gold (Last:1426.30)

EST

August Gold pulled a Pearl Harbor on bears and skeptics Tuesday, reversing early morning weakness with a surprisingly sharp rally. I’d expected another two weeks of corrective action myself after bullion’s impressive run-up in June. However, the chart (inset) shows the futures to be bound most immediately for at least 1446.90. If so, that would be a new recovery high and an encouraging sign that even bigger things lie ahead. Specifically, a 1504.00 target would be in play if the August contract closes for two consecutive days above 1444.40 or trades more than $12 above that price intraday. Please note as well that a $150 plunge from around 1460 would not be the disaster it might seem at the time; rather, it would set up a textbook buying opportunity according to the proprietary rules Rick’s Picks subscribers follow for ‘mechanical’ trades. ______ UPDATE (Jul 7, 5:05 p.m. ET): Last week’s surge peaked just shy of the 1444.40 midpoint resistance, implying that bulls have run out of steam for the moment. Here’s a chart that shows it. The futures will still need to close above 1440,.00 for two straight days, or trade more than $12 above this Hidden Pivot intraday, in order to clinch a follow-through to 1504.00. In the meantime, there is no ‘mechanical buy’ set-up to use on the daily chart, since the rally topped well below our sweet spot before the pullback. _______ UPDATE (Jul 10, 9:29 p.m.): The futures are in the third week of the correction I’d forecast above, seemingly eager to break out of a 60-point consolidation range. The pivot at 1444.40 remains crucial to the completion of this task.

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Tuesday, October 15, 2019

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.

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