The Wallace Trading Method

For Wednesday April 3/13

not as high as I'd expected. if the price holds this level then it may rally again back up
to yesterday's high, maybe, maybe a bit higher
downside break could be 1.2806 or 1.2798 , but, possibility of price dropping to 1.2760
from which it could rally
4:44pm pst

the remaining B&H demo trades from last month are Sell gold - xauusd
first Sell on March 4 at 1573.69 which fairly soon was a loser but with the loss now
reduced to -$20 and bouncing
entered another Sell on March 21 at 1613.94 which I closed on Sunday at 1599.64
for $145.53 profit
entered a new Sell last night at 1597.02 which will remain on together with the first
Sell looking for the price targets of 1542 and 1528 areas

the crude and ng were killers and the account is still down. having done an analysis
of the ng the possibility is that it's on a Major Bull move, looking for $5 first and then
if it hits and breaks thru $6
 
some chitter-chatter about . . . 'easing' ? so the ECB banter may be , , , interesting

For Thursday April 4/13

looking like the price may close up for the week - gl ?
the ECB begins at the same time the Jobs report is released. the Jobs report 'may'
be on the higher end, a price boost and if there's any expectation the ECB will ease
and firmly states it won't, that ought to add to a rally
Bernake has a non gov speak at 10:30am est

at present the price is travelling an ml and I wonder if it'll drop to around 1.2828-21
or even 1.2814 . my logic is the bulls would want a lower price to rally from IF the
above speculation manifests
4:27pm pst

gold: the LL in this whole correction begun Sep 2011 is 1522 . if the price goes down
to that area, it makes for a very symmetrical - sideways correction; the LC of the
correction is 1560.56 on the fx pair, 1562.60 futures and with most of the month to go
so I'm wondering if the price will break the 'magic' 1500 level — just for the hell of it

attached gold Q chart, gives a bit of a different perspective of what the price is doing
 

Attachments

For Friday April 5/13

the $ price formation has reached a point that for me is open to a couple of major
interpretations. two interpretations see the price going Down, the other interpretation
has the price continuing up
the Down interpretations are Large price movements, first, a double top has formed
and a major price decline will begin. the second is the down leg of a correction has
begun which could see the price drop down to the 79 area again

the $'s downside implication for the euro is major upside, a large rally potentially
breaking the previous 1.37 high

what's under consideration is if the so called tipping point has been passed, and if
so the ramifications that may follow beyond just selling the $ and buying the euro

the NFP may be a bit of a non event whatever the numbers are, quickly passed
the Buy's still on
6:24 pm pst

gold, thought about taking profit for the correction but didn't, more down expected
 
Hi Wallace,

Thank you for your analysis.

NFP has been quite an event and we had a 'buy' in EURUSD because of dollar weakness; clearly not a buy in the stocks indexes, at the moment.
Let's see how it will develop during the RTH session.
 
the euro bottomed on Wednesday March 27 changing the trend from Sell to Buy

first test will be to close above 1.31 and then 1.3170

For Monday April 8/13

could go either way for a couple of sessions but I'll stay with the Buy. looking for a
drop to 1.2970 - 60 and see if the price rallies from there

3:43pm pst
 
l'd an rc on the 60 and removed it as I'd thought it out of the price range, but this
correction if that's what it is is continuing for a longer period than I'd originally thought
and the rc's back on again

For Tuesday April 9/13

I'm presuming the price'll come off again back down to the 1.2970 area, at least the
60 gives the price formation that appearance. the 4H however looks like the correct-
ion's over and the price will rally from here

there's 2 gls which the price has already penetrated so breaking those levels again
leaves the path open to a couple of fibo levels and chasm line around 1.3080
likewise the Daily is seeing the price out of the upper outer rc line

the Buy continues, but, downside: tight 1.30 , 1.2980 , 1.2970
4:17pm pst

both gold Sells in profit again, not much of a correction

the new MT4 Build 482 has changed the Save As Picture and it seems images
need to be Saved As 'Active workspace', otherwise any right margin is lost; also
can now save in png format
 
the price having closed above the chasm line has fulfilled a part of its progress
the lowest of the 3 lines is around 1.3061 , but it would seem more reasonable to
see the price drop to the 1.3035-24 area for a full correction

For Wednesday April 10/13

the price could continue rallying from here, maybe the next 4H. upside targets
remain closes above 1.31 and 1.3150 . downside as above
4:12pm pst
 
price broke above 1.31 but, ahaaa, the 4H Did close at 1.31007
so now we're getting the fuller correction, after the price has finished playing with
the 1.3061 line

For Thursday April 11/13

still have the same Low targets as yesterday, plus the possibility lower Lows could
be made and possible US open to reach the LL whatever that is
upside from here ? hmmmmm, price breaks 1.3081 ? possibility
2:38pm pst
 
on the 60 there's a sharp v, an ab reversal formation ? or part of a correction
before higher highs ?

For Friday April 12/13

downside: well, as far down as 1.3080 again, 1.3090 , 1.3095 ; next 4H
reversal formations aside, the price could pop 1.32 today
3:30pm pst
 
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