It’s Wednesday, Daily Direction readers!
We’re halfway through the trading week. And with tomorrow being Thanksgiving, I wanted to wish you all a happy holiday. Be sure to take this time to rest, reflect, and spend time with family and friends.
As far as the markets go, we’re still keeping a careful eye on gold futures (GC). The market has retraced back to the channel’s bottom. We’re now waiting for a positive reversal to occur. When that happens, we’ll start looking for ways to buy the market!
We’re out of the GC unless we see that counter trendline break and bullish push. But when it happens, we can expect a +1800 tick push! We’ll wait for the next bullish push following the current sell-off.
Our best chance is to keep a watch on our timeframe charts and monitor the GC when it makes its next short-term shift.
Daily Timeframe Analysis
As indicated by the channel in our daily timeframe chart, the GC’s long-term trend stays up. That means, despite a slew of ups and downs along the road, the market is marching to a new high price.
Expect the market to prep for a new bullish rally soon. Don’t worry, the sell-off is just a brief dip.
DAILY TIMEFRAME
The long-term direction is up for the GC
1-HR TIMEFRAME
The short-term direction of the GC is down for right now
THE BOTTOM LINE
We’re waiting for a U-turn bullish in the GC
Learn more about the Daily Direction Indicators here…
Again, this is only a blip on the radar. Once the price reduction stops, we expect the market to bounce to a higher price.
As soon as that happens, we’ll turn to the one-hour timeframe and start looking for opportunities to get back into the GC.
One-Hour Timeframe Analysis
The market has reached the bottom of the channel in the one-hour timeframe and is ready to recover toward a new high price. The short-term direction for the market remains down until that U-turn develops.
Following the pullback, a new positive recovery is expected. Remember, the long-term trend is up, thus the short-term sell-off will reverse, giving us a great chance to purchase the GC on the way back up!
The Bottom Line
Following the pullback, a new positive recovery is expected. Remember, the long-term trend is up, thus the short-term sell-off will reverse, giving us a great chance to purchase the GC on the way back up!
The current GC scenario highlights how my method may help you navigate the futures market’s ups and downs. So don’t waste any more time. Get started today! You don’t want to miss out on this.
Keep On Trading,
Mindset Advantage: Breathe
If you’re not breathing, you’re not focused. If you’re not focused, you can’t see the market. Opportunities slide by in an instant. Hazards reveal themselves only when it’s too late.
You need to breathe. Breathing exercises have proven to reduce stress and increase focus.
Sure, you’re already breathing if you read this. But when you trade… you need a breathing regimen. Whatever it is: Through your nose, out your mouth counting to 10 or 100. Find a method and routine that works for you.
You’ll find balance, clarity and focus when you trade. Your heart rate will come down and you’ll just feel better.
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.com/ to get signed up!
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