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Is this OPEX week?

OPEX = 3rd Friday of the Month, unless the first day of the month is a Friday.

This month OPEX will be NEXT week, so Wacky Wednesday is going to have to wait!.

810am est

Let͛s review our Gold Futures this morning

-à 89range chart shows us above the sideways range from Monday and Tuesday
-à We also see the highs of the price channel have been tested, and we appear to be coming off the highs
slightly
-à This is a simple plan: sell the highs of the channel, sell the highs of the sideways range
-à We move to a faster timeframe, the 34range and we see the following:
Êà PHOD and PLOD are below us, making this a bullish sentiment and an outside day
Êà ullish Price channel
Êà 1500 major big round number
Êà clowing of the upward trend (more recent channels are flatter)
-à Lets plan our attack on Gold today:
Êà Need to wait for better speed, the market is dead this time of the morning, but that can change
very quickly
Êà We know the 1500 area will be tough to trade
Êà Lots of people looking for direction͙are we going to keep rising or will we fall?
Êà ullish channel says buyers in control
Êà Im not buying at highs, im waiting to buy pullbacks as prices rise
Êà Im looking to sell first as prices rise at resistance at the top of the price channels, but we don͛t
have any clear levels of overhead resistance because of this un-chartered territory
Êà Once we get below the 1500 level today we should see sellers enter the market, and this is
where we can look to sell retracements.
Êà ·s prices fall im buying first, selling second
Êà uying support at 93.8, 90.3, 88.2, 84.0
Êà Im buying the PHOD first, and then selling below the PHOD
Êà Im not selling at support, im waiting for new lower lows and then selling a retracement
Êà Im using the lows of the price channels as major support to buy
Êà Im using the highs of the price channels as profit targets and areas of resistance to sell.

855am est

-à We check the dollar index and the 06-11 is trading into the highs of the strong bearish price channel that
we͛ve had for months now
-à This dollar should keep dropping, which further confirms our assumption of rising prices on gold, and
gives us clarity on the best direction for crude oil
-à REMEMER!!!! Its not what the dollar DID, its what the dollar is DOING.
-à What has the dollar done RECENTLY has nothing to do with whats going on NOW.
-à ·re we rising NOW? If so, selling other markets
 -à The dollar dropped the past few days, but lets not forget its what the dollar is doing NOW
-à It trading sideways after the big fall, which is resulting in this sideways markets on gold, crude, Russell, etc

905am est

Our plan on crude oil:

-à Falling dollar = buying opportunities on crude oil

-à uying pullbacks as prices rise to new higher highs
-à The bullish price channel we want to buy the lows at 109.0 and use the highs of the channel as a profit
target
-à cell the highs of the wedge below 109.00
-à I will also sell the 109.79 highs of the recent trading range
-à It all depends on the cPEED and personality of the market
-à ·t 900am the speed is sloppy and the price action does NOT look friendly.
-à 1030am news to watch for a well

945am est

-à We took our first trade of the day on crude oil after seeing the buyers fail on the 34range wave long
-à We͛re at the highs of the range, the highs of the wedge, and we have to look to sell the highs
-à We tried to get in a little early, should have waited below 109.00 for the wide open space below us.
-à We got bounced out of the first trade after the major resistance keeps holding.
-à Lets wait and see, but right now the price action says cELLERc IN CONTROL, but not by much.

1125am est

-à We͛re trying to stay positive, but the crude oil charts are not making it very easy on us today
-à Its not Uc against the M·RKET, its Uc working with the market, so keep your emotions at bay
-à We continue to see sloppy indecisive price action
-à 3 ticks lower lows with lots of sellers, and then price bounces 15 ticks back up and stops you out
-à We saw the bad personality RE·LLY early today
-à In the future, you now know what a bad day looks like well in advance

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