So as you look at the market, you've got gold up $8 for the week, up a third of a percentage point, nothing is really going on. You can see how everything is narrowed in, the ranges have gotten shorter and shorter in their size. You don't have a trend, you have a lower low and a higher high on the swing line.
When you look at where the market is at, another one of my rules is: when the market is under the red line (and I call that the line in the sand) I use the 18-day moving average of closes on daily charts. I have a downside bias; it's a filter on the swing line. So if the filter is saying this – if I had a buy signal under this and you're under that, it's just a short covering rally. It's not a bull trend to get a buy signal.
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.