Thursday, April 29, 2010

DOJI PLAYS / GOLD TIME CORRECTION / SWING UPDATE / DELAYED DAY TRADING

I expect this horizontal time correction in gold to continue with an upside breakout. I will make secondary entries in GLD, IAG, and GG, as well as other gold names during that time. I will exit the remaining 1/4 swing in WYNN today. So far all swing plays (MGM, LVS, WYNN, IAG , GG, GLD, etc.) have either been booked for a profit or are profitable on paper.


The market is in a channel, but more specifically, in a broadening reverse symmetrical triangle. This type of consolidation typically lasts for a while. At this point, this pattern is neither bullish nor bearish.


I have three finals coming up very soon, so I will not be executing rapid-fire scalps for the next 2 weeks (for the most part). Instead, most day trades will last longer than just a few minutes with more aggressive entries and delayed exits to accommodate my lack of time.

Below are two doji plays. Remember that doji are indecision days. How do you play doji gaps? You either go long or short either 1) upon a gap up above the previous days highs or a gap below the previous days low or 2) upon intra-day breakouts or breakdowns of said highs and lows. Once direction is determined, the prevailing side usually continues the price action in the direction of resolution.




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