Posted by: joetradingplace | May 19, 2015

Gold…WAIT

Look at the wedge on gold on the weekly chart, this shows yu that gold will stay choppy as long as she is still in this wedge. Smart money don’t trade such price action, yu seat and wait for the wedge to break, then yu play a breakout trade or FBO trade. Do try and predict where gold will go from the wedge, a smart trader wait and react to what price will do when it breaks out of the wedge. Its not if but its when gold breakout, be patient, watch price action closely and see where the smart money is trading…look for momentum that follows through, that tells you where the smart money is. Momentum that doesn’t follow through is not smart money and you don’t want to be in their team, you want to be against them to take advantage of their panic.

Screen Shot 2015-05-19 at 14.47.37

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