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Hi everyone,
I uploaded 4 charts of GLD and wanted to share them to explain each
using Lightning Strikes to know trade for this week. LS works on any
time frame except the tick chart is not recommended. Also the longer
time frames (daily, weekly, etc.) are to be respected more than the
shorter time frames (1 minute, 15 minute, hour, etc.). And using a
combination of times frames at once can be very beneficial. Example
(5min, 15min, 1hour, 4hour, and daily) can signal together for best
position to enter/exit.
But first I will say for those new to investing should learn the
basics of trading short-term, medium-term, and long-term. There are
several good websites to learn from and one I use is
http://stockcharts.com/school/doku.php?id=chart_school and they have
much, much, much more than the basics. And to learn more about
trading with Lightning
Strikes you can email me. And I will share the links to learn the
rules and free training schedule.
Now for chart 1 of 4 there are several points to make about these
daily charts. On 6-27-07 there were several indicators that had hit
the bottom green lines that were the current support area. Then on 7-
24-07 there were several that had hit the top green lines that were
resistance. On 8-16-07 from the low to the close there was increased
buying. And even though at the end of day only one indicator was very
near bottom*, I am sure on the 15 minute chart there were several
that had hit bottom and turned up. So with one indicator on daily
near bottom will mean on shorter time frame several will be showing
an entry to go up and an exit if you were already short. *During the
day I am sure the blue hit the bottom and maybe even a few more.
Basically is what I call a bounce trade.
Chart 2 of 4 shows several indicators turning up. But with a 15
minute chart the entry was the previous day. Chart 3 of 4 is setting
up what we call a driver. That is when all indicators have hit the
top and are pushing through resistance lines that will move down.
Notice the line I put on chart showing the gap was closed. Now with
several indicators near top I could take all, some, or no profit and
just move my stop to the low of last day.
Chart 4 of 4 still in trade and with price pushing through resistance
of 7-24-07 high 68.00 now in a driver for sure. (Note how when I
display more than 60 days how all the indicators are not at top like
on chart 3. Also notice the yellow indicators location on 9-06-07 is
at same height it was on 7-24-07. We trade with at least 51 days and
no more than 60 days displayed when trading. If I had not moved the
green lines up then they would have been around where yellow is on 9-
06-07 and 7-24-07.) After this breakout is when I keep moving stop up
and start using the weekly chart more and more watching for exit in
correlation to the daily. On 11-07-07 green crossed yellow with a
volume spike up and price closed down. This equaled closing long and
going short. And the start of the 5 event sequence trade, where red
and purple crosses yellow. And for today's 11-12-07 chart email me
and I will send or post. When daily and weekly is a 5 event together,
TRADE.
Do a fib from this years low and high and watch the 61.8 retracement
level on DJI. This will be critical support and if broken, WATCH OUT.
Best Wishes,
Burt Whitley
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