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Aug 7 2013, 12:00 ET |
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no way gold is $1,683.15 !
7 Aug 2013, 12:07 PM
For the Super-Duper Short-Term Bulls this is the trade setup:
>> YM 360min Chart:
YM is a high-probability A-B-C Flat at the top of the I-ii-iii-iv-v rally. the 1-st wave rally terminated with an Ending Diagonal, also called a Terminal Triangle, for the v-th wave. The C-wave has an equal move target of 15,379 but still got a potential to become an Expanded Flat if it breaks down below the A-wave.
IF YM rallies; nominal 1-2-3-4-5 target is 16,463 with an upper target range of 16,878.
* I bought some YM Intrepid Trade today at 15,399 using the 60min; 15min; and 5min charts for precision entry. Obviously, hard stop loss is at today's low.
** To improve the probability of Intraday Trade; wait for SPY to make a minute 1-2-3-4-5 rally on 5min chart with 169.44 nominal target. Then buy an A-B-C Pullback Down back to the 168.80 to 169.10 range. Hard stop loss is today's low in order to minimize possible loss.
*** Stocks and ETFs are not very suitable for very short-term trades with over-night holds since they can gap down at the open exaggerating the potential loss. Futures are ideal for over-night holds but suitable for the more experienced traders.
7 Aug 2013, 02:02 PM
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