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18 GC 5 111 MUTE MINUTE \. rr, GciM gapped up <it tlie open and tlion uort into (i trading rangr:. Im uaitiiig for a definite trend to . Either prices uill drift doun and t>en breakthrough to the upside or tliey will drift up and tJien breakthrough to the doun&idc I haye no cpinian here, I oil] let tliG nerket shau ne uhat its going to do. Open -  . I M [ I 1 . I N < . t . I I I I I I . . I I [ I I . 30RO 3B7S 3B70 30GG 3855 3850 18-15 3B35 3B30 3BZ5 3ai5 3010 3005 3000 37 5 37 0 3785 3780 3775 3770 37i:.5 3760 37 5 As is plainly evident, nothing has happened yet. There is merely a congestion taking place, It is not the congestion nearest to the low. because that one is belov [fie present one At this point, 1 dont fiave a clue as to which way, if any, it wilf break out. It may just meander along sidevvray-S for the rest ol tlie day. 11 show it later on so tfiai what actually fiappentd will l)e evident. But, looking at it right now, It is not very tradable. What I would hope for IS a gradual climb ut)ward, foHoved by a reversal brcakthrougli of tfic ows, Whedier it wifl happen that vay remains to be seen. As a propfiet, 1 hove teitded to he a false one. As tar as my actuni trading goes, I would jrotiably pass iIks one up and go looking for hctier situations. As the day progresses,prices are drifting up - beginnng to trend. Tlie drift is gradual and indecisive. If prices uoiild thrust douii through this nt)rnings congest iont I uould be tenptcd to enter a triide. \ I I , I . I I I . i { I I [ 11 f I L I 11« J I , 7 0 g 3B6 3060 3B56 3052 3818 3811 3810 36 3B3Z 38Z1 38ze 3816 12 3BD4 3000 37% 37 2 3780 3781 3780 3776 377Z 3768 3761 As can he seen, nothing miucfi rias happened. Im looking for thrust and havent seen it yet. 11 5
GC 5 ttlHUTE + 1 ij- I i I I 1 n I , t I I M . I . I 10 11 still iDoltintjT for <i slirp tliriist. If tlie WHrket uoulfi pUiiige tliroLigli 3792J tlie place uhere iis really tiglit at the beyinning of traL-iin, I n ight fjG for it. 1 } \1 But 1 uouM )iaue to be cautious liere because Jd be trudiiiij rlabt into support. Far tliat r&ason, Id best leave this trade a loie imless it criss-crosses tlie caiigestian and tliBn breaks out io the upside. hI IM llll 11.11 i I.. I I I I. 111 11 3050 3056 305Z 3040 3044 3B4G 3036 3032 3028 3024 3020 3Etl6 3012 3004 3000 3706 3702 37B8 3704 37BG 3776 3772 37G6 3764 5 HINUTE i.l I i I.. All, tlieres tlie anticipflied dounaide breakout. nJ . I 1. 11111. -I I 11 , I I III li.ll iilil - I I 3BG1 30Sb 3R2 3640 3C41 3B40 3G32 3CZB 7 301 3000 3004 37% 32 37BB 37 0 3776 3772 37G0 3764 This EracJe migfii have had possibilihes had it drifted down first and then taken out the congestion to the upside. A breakout to the downside would cause mo to tfade only if it took out the extreme lows of die congestion that is tfie one closest to yesterdays lows. The hfcakout comes late in die day too late to expect mu:ch out of tfie trade. I did not take this breakout because it was too close to support.
GC 5 HIMUTE GC 5 fllhllTE Tlie breakout lo the upside cane too late in the day to be of any value, Heres prices broke out. -> 1. 11. lll.tl, t 1 3037 3031 3031 2 3015 3G15 13 3B1G 3BG7 3BQ1 01 3730 37 3786 3783 3780 3777 3771 3771 3760 3765 376Z hk) gold Trade today. But lets look at what happened the next day 11 took another dajj but it PimUy happened. Iff. Estcrdays close. y Last out ll M..III II. Irii I M Mill .11 1.1 1 J [ I... I I..[ 11 ii.i 3825 38ZZ 3813 3816 3813 3010 3807 3801 3801 37 3795 3792 3783 3786 3703 3780 3777 3771 3771 3768 3765 376Z 3759 3756 3753 3750 Let mc explain what hsppeoed. Early in the morning, I noticed that rny data feed was not working. The signal indicator was showing ifiat any signal received was loucf and clear. But there was some kind of transmission problem and so there v/as no signaL The market opened at 7:7.0 uf> a few points. Lower liiau what is shovn on tlie ctiart. Ttic data Seed sta.ted coming in at 7:56, so I was missincj 7 bars on the chart. I ciiccked with my broker and fiic said that the market had traded up slightly sIeicc tlie open. Soon after, the market started its plunge. I placed sell stop order eJtactly v/hero I would have the previous day, just under that little tight area shovn in tiie !io>i. The rest is self explanatory. The rnarket didnt run, btJt I made profits on all three crniract sets.
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