So when we take a look at gold if everything finished right here, people keep saying "Why am I friendly?". If you look at a weekly chart of just closes, nothing else but closes, this is an all-time high close. If you were to finish right now and the market ends; how could you not be friendly? The market has stayed over the 18-week average, so the bias of the market is there. I'd like to use closes on a weekly chart often because it takes away all the drama of the highs and the lows that you get when you go to a daily or a weekly bar chart.
Now as we come here, we can see how the market keeps coming back and fighting its battle wide in there. Very interesting battle that is going on. The market had one of these V formations and then just picked itself back up. The swing line has a higher high. So you're not trending; you're just whipping back and forth.
About the author
LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
Be it education, market information or trading platforms, we provide solutions.
Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.