Hartle & Flow

Today, gold is spending its second day trading in the resistance zone formed the last trading day of February. Watch to see if the market can close with an RSI reading greater than 62, then the trend is up. If the market closes down today, the RSI is forming a pivot high below 62, which is trading range behavior with a bullish bias.

I have added an Aggregated TradeFlow chart set to 3-ticks range (available in CQG 7.5) with my two custom studies plotted. Currently, the market is trending down, and the current readings from the TFVCrss study show sellers dominating as the red sell volume line is peaking above the green buy volume line.

The current and short-term view using the TradeFlow chart is the 1-tick TradeFlow bars with the CQG ChartTrader. My two custom studies are set to look back periods of 5-TradeFlow bars. At the time this image was taken, the market was trending lower. However, sellers were dominating and now look to be losing control. The red sell volume line was peaking above the green buy volume of the TFVCrss study, but the buy volume line has picked up, indicating buyers stepping in.

The short-term TradeFlow view can change very rapidly.

This entry was posted Wednesday, April 11th, 2007 at 8:10 am and is filed under TradeFlow, Gold Futures. You can leave a response, or trackback from your own site.