gold futures trade idea – cullen outlook – formation finder
This is a sample of Brian’s email newsletter, The Cullen Outlook.
This is from the Formation Finder portion from September 1st.
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This Formation Finder went out last week Wednesday (8/24) as we were breaking out of the pennant. Refer back to that email if needed.
We have seen a nice move for those who chose to trade this idea. Great job!
That said, we have a 3 day Holiday weekend ahead of us and volume will be light and volatility possibly higher than usual later today and all of tomorrow as a result. Throw in the fact that we also have the UNEMPLOYMENT Report tomorrow morning at 7:30a (cst). Proceed as you see fit but I’m in the camp of taking profits and turning our attention to the weekend!
*** If you did not choose to get involved in this set-up, it is important to at least go back and check in on the pattern that was mentioned for a few different reasons… ***
- The set-ups that we see are not unique to any particular markets.
- A formation you see in one market can potentially present itself in another at some point down the road.
- It can be helpful to recognize price action when formations are happening so you can be better prepared the next time a certain set-up is noticed and pinpointed in whatever market it happens to pop up in next.
The point though is that if you notice a formation on a chart happening that you recognize or have seen before, I want you to be prepared to take action.
You may miss them from time to time and there will be trades where you are wrong. It’s ok, it happens to every trader…all the time. Welcome to the club!
Check out how the December Gold had traded the past week…
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