When we look at the gold market, you can see that you're sitting here at the $2038.16 level and the market, when you look at this area chart of just closes, you can see the market is on a weekly basis – been staying over that 18-week average of $1981.40. When we look at the prices, this is that $2040 area.
How long have you been here? One, two, three, four, five days now, that you've been there. You got over it briefly but you were here for most of December because I know I kept saying, 'Wow, that's an interesting area we just seem to be coming back there over and over.'
You have the swing line with lower highs and lower lows...and remember, on the swing line, it looks at the bar before it. So this daily chart...it's looking at the action of Monday, you have so far, an inside day, haven't taken out the highs or lows of Monday...and Monday looked at where you were in relation to Friday and you made a lower low, so the line drops down.
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.