In the last few videos we have analysed Gold, Oil and the Stock Market (SP-500) plus key areas of opportunity. Gold has had a great run as we all know but now it's about analysing this commodity to find the next run up in price. Oil, Gold and Silver have been trading sideways apart from the rally we saw on Friday and Philip explains his analysis which errs on the side of caution.
At the end of last week we told you to be aware of the over head resistance in the channel. For us this is not an area to go long as the money management risk to reward is not in our favour. This analysis has definitely kept us out of the sharp move down in the market on Friday and allowed us to be more objectionable about the reason for this move.
Gold Oil Technical Analysis
There is some fantastic analysis in this video especially about the 3 Markets being congruent (NQ, YM, ES), so sitting on the sidelines to wait for more evidence is definitely the trading discipline Stock Market Strategy will be adopting in the next day or so. Other parts of this video focus on key technical analysis observations and things every trader should be looking out for, which are, higher highs and higher lows and lower highs and lower lows. Identifying these factors on your chart pattern analysis, without question, will make your trading strategies come in to their own.
Philip also talks about controlling your emotions in trading which you can find a great section on this in the main site and we highly suggest you take a look at it.
If you have any questions relating to this Market Update or wish for us to talk about a trading subject that you're interested in, please don't hesitate to contact us.