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+$680 Gold Day Trade

This is a 1-minute chart of GLD from October 4th. Prima Trades took advantage of a high odds day trading set-up by going long at the first green arrow on the chart above. Remember that in order to make a trade, we must see multiple signs of confirmation. The more signs of confirmation we have, the higher odds are our odds for success.

Let's list all of the points of confirmation very clearly:

  1. GLD was in an overall uptrend.

  2. We broke above a key resistance level and held above it on high volume, indicating legitimate demand.

  3. Prices pulled right back to the previous resistance level, which became support.

  4. At that new level of support, prices showed bullish patterns.

  5. We had an inverse bullish divergence (at the support level).

  6. We had an inverse head and shoulders (at the support level)

  7. There was a case of Effort vs. Reward shown in the selling volume.

  8. We had a Spring along with a test of the Spring.

We had amble evidence to suggest that prices were heading higher after seeing all of these points of confirmation. Prima Trades sold at the second green arrow on the chart above as demand was slowing. Anyone can learn these trading strategies and make consistent profits every day in the market.

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