Day Trading Course - Managed Accounts, Oil on a run

Crude Oil has been on a run the last few days.  Following a test of the 50 day MA oil has moved back to the upside on a fantastic run to touch into the 104.00 area. I took on my long position at 101.50 for a daily / weekly swing trade.   If price moves to break the 104.50 area of resistance then we could be looking at oil moving back to test previous highs set a few months back at the 107 and even 110 areas.   Stop is in at a break even position for the moment.  I am watching price as we close the week and move into trading early next week.  With a move up we could see the test of the 107 area, if resistance holds I will likely take out a good portion of the position or even all of it depending on price action.   Trade what you see, I'll see you at the starting line!

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Gold trading - make or break price action

Gold trading make or break price action.

Even though there is overall weakness in the stock market which normally has an inverse relation to the gold markets, we are seeing a bearish pattern in the technical charts. Gold buyers have been very weak in this move up. Although the US and world markets this week have mostly seen a correction. As you can see in this chart of NUGT which very sensitive and volatile compared to gold futures prices, we have created a bear flag. This means the market has sold from $60 to $33 a share then recovered back to 43. We are not seeing any commitment on the buyers side and as you can see the supporting trend line is about to be tested as sellers have moved in and could be taking control again. On the sell side the targets we are looking for is $33.95 this will be initial support on the move down. It would not be unusual to see it Chop in this area from $33-39 with highs to $43. If support holds here at $398 then we would be looking fro a continuation to $44 and then a further move to $49 which is the 200MA or the 200 day moving average. There are many outside variables effecting gold pricing. What goes on in the Ukraine this next week could be more of a determinate than the correction in US stocks. We shall see. Trading Gold, Gold miners in either futures or ETF's is extremely volatile. Do not trade it unless you have spent time studying the charts and have risk capital. Risk capital is money that if lost will not hurt your financial future. For many people buying and holding physical gold is an easier position as it normally turns out to be a long time ho [...]

Day trading course - learn how to trade