Good morning, Traders!
The gold futures market (GC) is resetting and preparing for a +1,450 tick rally that could make us a very profitable trade!
Right now, the market is near the up trendline in the daily timeframe. If the current support level holds, we’ll have an opportunity to enter the market and ride the price on the way up to the 1922.4 price point. Read my free article on how to properly draw market trendlines so you can learn to implement this strategy when you trade.
We’ll want to watch the one-hour timeframe closely, as that’s how we’ll know when the market price rebounds and starts to rally back off of support. Once the market pushes through the counter trendline, we’ll be ready to execute our buy-in strategy!
Let’s take a look at the daily and one-hour timeframes for the GC to get the details on this money-making opportunity:Daily Timeframe Analysis
The gold futures market has reached support and a known level of U-turn. Remember that support is the price at which sellers yield the market to buyers, driving the price back up in a bullish rally.DAILY TIMEFRAME
The direction within the daily timeframe is up
The current direction for the one-hour timeframe is up
The market is about to U-turn off of support and head for another rally
The GC is setting up for a +1450 tick rally to 1922.4. If support holds (straight grey line across the middle), the market will U-turn back to an upward trend and give us an opportunity to buy in!
As the GC hits support, we’ll see the price U-turn back into a positive trend. When the price breaks the counter trendline, we’ll want to turn to the one-hour timeframe and start looking for opportunities to buy the market on its way up!
If this trend holds together, we’re looking at a +1450 tick rally to 1922.4.Don’t forget to check out my free resources that explain how tick values work in the futures markets!
One-Hour Timeframe Analysis
The one-hour timeframe reveals that we’re in for a wild ride as we wait for the market to break into the buy zone!
This is a prime example of how the market trades in waves. We expect the GC price to fluctuate up and down as it makes its way back into the buy zone. That’s why we shouldn’t worry too much when we see the market dip within an overall up trend. That’s just how the market works.
The one-hour GC timeframe shows that the price is working its way back to the buy zone (above the long grey line). The market should push through the counter trendline (short diagonal grey line) and start the +1450 tick rally.
Once the GC pushes back into the buy zone (above the long, diagonal grey line), we’ll wait for it to break the counter trendline (short diagonal line) and start a rally to 1922.4.
Now’s a great time to check out more information on how to enter a market on counter trendline breaks. I have a free resource that explains the entire process here.The Bottom Line
The GC futures market is poised to make a substantial rally to a new high price. The price is set to rebound off support and break through our counter trendline.
Once the rally starts, we can expect a +1450 tick movement toward 1922.4. That means this trade has the potential to make you some serious money. But you won’t make a dime unless you get in right now!
We’ll watch the GC’s movement as we prepare to execute our buy-in strategy
Are you missing out on these setups? Are you still trying to figure out how to master futures markets? I’m here to help! Don’t get frustrated trying to do this all alone. Let me show you how to build success as a futures trader today. You’ll be ready to make money with the next big trading opportunity!
Keep On Trading,
Mindset Advantage: Forget About It
Move on with your trading and leave the past where it belongs…. in the past.
It’s a recurring theme. It happens over and over again. You can feel it the second it comes on. The market is going to do ‘it’ – whatever ‘it’ is – again… to you and your account. The flashbacks start pouring in. It’s impossible not to relive it all.
In an instant, a calm Monday morning is now haunted by a trading session ages ago. Just when you thought you would never, ever, ever find yourself in that situation again.
It’s time to move on. Sure, mistakes repeat themselves, but the key to getting past errors and losses of the past is first to embrace them. Own them. Take them as they are. After all they’re yours.Traders Training Session