When you look at the gold market, it is up for the week, a dollar fifty right now, seven-tenths of a percentage point. You can see how the market exploded from the downside and went into what we call a vertical price move, these are son of a guns to catch especially if you don't have an uptrend in place but you do have one; higher lows and higher highs.
Now where the market took off from was right here; it's [where] the 18-day average kissed the 100-day average. The market then got right over the Bollinger Band and never gave a chance if you missed that initial buyout number and when that buyout happened, you were already in overbought condition. That is the problem for a lot of us that watch overboard oversold markets as it occurred, you were already in the overbought condition.
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.