Trading Setups and Strategy for the week of October 10th
The Weekly Call is a feature at The Art of Chart where we discuss setups and trading strategies for the coming week. This week we review Cattle and Gold.
Live Cattle follow up
From our original call, we expected a bounce and then a move lower into the low window which occurred as expected. Last week we expected a turn in the low window which has also occurred as expected. So far this trade has a profit potential of $3.80, we expect subscribers to attain 60% of this swing so far. We are expecting a retest/backtest 50% or so then higher prices into $112. If the bulls can put in a higher low this week, Cattle has likely made a longer term turn. This is an 18 month cycle low which means we may have a potential trend change in the coming months.
Cycle Chart for Live Cattle
Gold Follow Up
Our last two posts, we recommended waiting on Gold for a better setup long. We finally have a good setup. Appears we are at the end of a flat, risk lower to 1230 still exists to end the 5th wave, low window calls for a turn this week. High window calls price higher into early November. Watch 1300 for resistance and first target of 1360.
Cycle Chart for Gold
Have a GREAT trading week!!!