By Chris Vermeulen of TheGoldAndOilGuy.com
NEW YORK (
) -- It has been a great week for traders who watched gold and the indices become more and more overbought on the intraday charts and expected a reversal, which occurred Friday.
I have been writing for several weeks that the market was getting close to a tipping point, and Friday was the first day of possibly a larger correction.
Below are links to two videos showing Friday's price action. The first video is the calm before the storm.
The second video shows the calm after the first thunderhead passed over the market.
Video #1 - Morning Gold & SP500 Intraday Analysis and Setups
Video #2 - Afternoon Trading Opportunity
Some words from the Chat Room about Friday's trade:
Steve: One of the best of my life!!!
Airgar: Chris, I don't know exactly how you do it, but that was very impressive!
Russ: Vodka & coke tonight! Very Nice !:P
Gold & SP500 Trading Conclusion:
As you can see from the two videos above, there is big money in the market when one uses a proven trading strategy along with strict risk management and money management. Several traders pocketed a few thousand dollars yesterday on this drop in both gold and the S&P500. This shows how my hybrid of intraday and swing trading gets the best of both worlds in current market conditions.
If you are interested in becoming part of this tight community of like-minded traders, learn from my daily videos and participate in our live chat room, then please check out my
-- Written by Chris Vermeulen in Collingwood, Ontario, Canada
Chris Vermeulen is founder of the popular trading sites www.thegoldandoilguy.com and www.ActiveTradingPartners.com. There he shares his highly successful, low-risk trading method. Since 2001, Chris has been a leader in teaching others to skillfully trade in gold, silver, oil and stocks in both bull and bear markets.