GOLD, between the high volume levels
Today I want to share a different point of view on the gold market, that matches with my last analysis, so even more interesting in my opinion.
Idea
Gold is currently trading in a high volume range between 1976 and 2010. The levels are extracted from a self made indicator, but you can recheck how important these levels are by browsing through the chart by yourself.
Anyway this strategy is quiet simple. A move out of the range with a daily close should push the price towards the next highlighted high volume area.
TP Levels
Bullish: 2050
Bearish: 1904
I'll explain the SL settings when it comes to trading.
Why are high volume areas important?
Market markers are placing orders at strategic points to get a maximum of safeness and of course profit out of the market. If a candle closes with a volume peak, compared to other candles, a huge amount of money was invested to start a movement from a specific level. If the levels are revisited the possibility of market makers appearing again is high and the main trends starting from these levels.
Idea
Gold is currently trading in a high volume range between 1976 and 2010. The levels are extracted from a self made indicator, but you can recheck how important these levels are by browsing through the chart by yourself.
Anyway this strategy is quiet simple. A move out of the range with a daily close should push the price towards the next highlighted high volume area.
TP Levels
Bullish: 2050
Bearish: 1904
I'll explain the SL settings when it comes to trading.
Why are high volume areas important?
Market markers are placing orders at strategic points to get a maximum of safeness and of course profit out of the market. If a candle closes with a volume peak, compared to other candles, a huge amount of money was invested to start a movement from a specific level. If the levels are revisited the possibility of market makers appearing again is high and the main trends starting from these levels.
Comment:
Did you mention how accurate the price respected the border from the red zone at 1996?
Comment:
Gold found support in the yellow buy again. Not it's important if it breaks back to the red box. There is always a possibility to buy in the support zone (yellow), so I opened a long position at 1993 today. If you want to follow my more detailled updates, check out the other thread:
GOLD, it's getting serious now
GOLD, it's getting serious now
Comment:
My long position got stopped out break even and it looks like gold will dive deeper into the yellow volume support area.
Trade active:
Strong bullish breakout from the red zone. Starting to buy in three positions to lower the risk of a false breakout.
BUY 2017, 2010, 2004
SL 1995
TP 2030, 2050
BUY 2017, 2010, 2004
SL 1995
TP 2030, 2050
Trade closed: target reached:
TP 2030 reached.
Trade closed manually:
This escalated quickly.
Good point for TP again, I think 2050 will be reached within the next days, but a correction is possible before.
Full profit: 260 Pips
Good point for TP again, I think 2050 will be reached within the next days, but a correction is possible before.
Full profit: 260 Pips
Trade closed: target reached:
2050 reached. This happend so fast, I still can't believe it.
Idea closed.
Idea closed.
Comment:
Did you recognized how properly these levels are respected?
If you want to see more of this analysis, i would be glad to welcome you as a follower :)
If you want to see more of this analysis, i would be glad to welcome you as a follower :)