Good morning, Daily Direction readers!
For today’s edition, we’re watching Gold Futures (GC) for opportunities to make profitable trades as the market moves from the bottom to the top of the up channel.
The GC is pushing close to the short-term down trendline, which could send the market back down toward the bottom of the channel. But the long-term and short-term directions for the GC are looking up. So the market could also break through and push bullish.
I expect the GC to U-turn at some point and move into a bullish push toward resistance. Once that happens, we can use our timeframe charts to plot our entry and start trading the market!
If you’ve followed me for any amount of time, you know that gold futures are a great way to make a profitable trade if you know when to get in. That’s why my timeframe strategy is so beneficial.
Let’s check it out for more information on the GC:
One-Hour Timeframe Analysis
As you can see in the one-hour timeframe, the GC is pushing upward toward the down trendline (middle blue line within the up channel).
Once the market pushes through that trendline, we know that’s our cue to start looking for chances to buy the market on its way up.
As the GC pushes bullish, we’ll buy at low prices and follow the market to a new high price. The fact that the market is pushing through a trendline within an up channel tells us that the market will give us solid opportunities to make profitable trades!
Learn more about the Daily Direction Indicators here…
Counter trendline breaks and U-turns are some of the best indicators for finding out when and where we should enter a market.
The Bottom Line
As the market continues to make higher highs and higher lows, we’ll utilize the short-term timeframes (one-hour, 5-minute, etc.) to plot our entry as we actively look to buy the GC.
So long as the market continues to make its way toward the top of the current channel, we’ll trade the GC.
But remember that gold serves as a hedge against market uncertainty for many investors, so we’ll keep a close eye on what’s happening in the broader market.
If you’re ready to trade the Gold Futures market, be sure to check out my other trading tips to learn how you can get started.
This way, you can leverage my understanding of the market to build your own strategy as you grow your trading account! There’s no need to try this without help.
Keep On Trading,
Mindset Advantage: Press Pause
If it gives you pause… then pause.
How many times have you plowed into a trade… with second thoughts? Once you enter, your stomach immediately drops – the regret is almost unbearable.
Welcome to trading for millions of retail traders. The very thing that’s supposed to bring the freedom, happiness and financial independence they’ve been hoping for… is making them sick to their stomachs.
Why do something that makes you feel less than awesome? Take a minute. Save your money and your account. Collect yourself… practice, watch the videos, talk to one of our traders and get your mojo.
Simply put… Just stop and only trade when you’re ready. There’s plenty of money to be made out there.
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.
The post Preparing Our Charts for the GC appeared first on Josh Daily Direction.
