The GOLD LEVEL MEMBERSHIP Trades LIVE
during the morning hours with futures instruments each day –
MARKET TEMPERAMENT –
Bounce patterns showing this morning but stalling out at first resistance levels. Bounces will be weak as traders late to the shorting action will feel squeezed and long traders will leave their positions. Watch for choppy price action today. We are due for a bit of a relief bounce (as mentioned in days prior) and this is what I believe I am seeing set up. As the early morning continues, traders are holding the bounce so far. If we lose supports noted in the blog, we should have ourselves a test of lower lows, however, so keep alert. If we move up and away from current congestion levels, we are likely to develop bullish action as the short day progresses, else we will remain engaged in bearish motion and shorting action will continue trend.
How about finally starting that trading journal?
You should – Here’s an easy way to keep track of your progress