Good morning, Traders!
We’ll be looking at gold futures today, namely the GC market. Both long-term and short-term directions are moving in the right direction with this market. The GC has finally broken through the counter trendline! What does this mean for you as a trader? Find out in today’s Daily Direction!
We’ve been waiting for this moment in the GC as we watched the market break the down trendline, test the backside, and now it’s finally pushing bullish into the buy zone.
That means we can look for opportunities to buy the GC as it makes its way toward a new high price of 1871.6
We’ll use our timeframe charts to look for an entry and prepare to start making profitable trades in the GC.
Are you ready to trade? Let’s jump into the analysis now to see what’s happening with gold futures today:
Daily Timeframe Analysis
The GC daily timeframe shows that the market is in an uptrend, making higher highs and higher lows. If the market can stay above that trend line, we should see it push bullish toward the Fibonacci extension.
The long-term direction is up for the GC
The short-term direction of the GC is currently up
The GC finally broke through the counter trendline and into the buy zone!
The GC is in the buy zone and headed for a new high price
Remember that we use the daily timeframe to find our high and low prices while we use the one-hour timeframe to look for low prices to buy the market while it’s in the buy zone.
One-Hour Timeframe Analysis
As we look at the one-hour timeframe, we can see that the GC has finally broken the counter trendline and entered the buy zone. That means we’ll want to use our entry strategy to buy the GC at low prices now as it prepares to continue moving higher. We’ll miss out on that chance if we wait too long, and we’ll wind up paying too much for it.
The GC finally broke the counter trendline and is now in the buy zone. We can look for opportunities to enter the market
Keep in mind that the market moves in waves. As the market makes an overall upward push toward the Fibonacci extension of 1871.6, we’ll witness various highs and lows. We want to take advantage of the market’s low prices in order to maximize our profit potential.
The Bottom Line
With the GC now past the counter trendline and moving into the buy zone, we can utilize our timeframe strategy to execute our entry plan for the market. We’ll want to watch the price movement within the buy zone so that we can buy at low prices as the GC works its way to higher prices. We’ll want to keep an eye on our one-hour timeframe to see those prices changes while we’re in the GC.
This is your chance to trade the GC and increase the potential for making money with futures trading
But none of this information will help you until you understand how to put my plan into action! So stop procrastinating and get started immediately. If you continue to wait, these chances will pass you by as you sit on the sidelines.
Keep On Trading,
Mindset Advantage: Embrace The Pressure
Most professional athletes will tell you there’s good pressure and bad pressure.
It brings clarity and focus when used properly.
Bad pressure causes you to freeze. To panic. Everything speeds up or slows down. Bad decisions get made.
Good pressure? It brings focus, clarity and a keen awareness of the opportunity and hazards that surround you. If you love what you do, trade because it brings you freedom, and see the opportunity it can bring to your life:
Embrace pressure… the good pressure.
Traders Training Session
Stay tuned for my next edition of Josh’s Daily Direction.
And if you know someone who’d love to make this a part of their morning routine, send them over to https://joshsdailydirection.