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The pattern of gold's multi-year bull market has consisted of sharp rallies followed by lengthy rest periods. You can see the latest rally, above $1,900/oz, in 2011. The rest period that followed included four unsuccessful attempts to break support near 1,550. Since the governments around the world continue to work overtime printing paper money, I expected the bull market to continue.
The daily chart shows where I bought gold futures at 1551, following one of my favorite signals on the daily chart - a false downside breakout with a bullish divergence. That trade was almost immediately successful, but two days later gold seemed to stall in its value zone and I took profits at 1572.
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Trades About to Happen - by David Weis
David Weis is a trader with over 40 years' experience who played a large role in the development of many serious traders. Expanding on classical works of Richard Wyckoff, written almost a century ago, David has built a modern superstructure of market analysis. The changing heights of price bars, accompanied by rising or falling bars of volume are the basic irreducible elements from which David builds his market analysis. He uses these patterns to read the behavior of crowds across all markets and timeframes - and then to place his orders.
Trades About to Happen + Catching Trend Reversals video
Filmed in a Traders' Camp, David shows you live where the uptrends run out of steam and turn down and downtrends fizzle out and turn up. The richness of trading examples and the logic and clarity of his talks will mesmerize you. This is the next best thing to taking a live class with David!
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