FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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780 4
Fresh supply zone ahead, possible retracement, a short opportunity.

Stuff to remember:

— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further

— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly

— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future

— The strong initial move can contain a few small retracements but not so many that make this move slow and weak

— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run

— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms

— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance

— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is

— Trading only the first return of price to a valid, properly evaluated level can greatly increase your win ratio. Trading second or other subsequent returns will only dilute your trading edge.
That was a class call for Xau, do you think it will continue to slide or or move up again now to 1240-50 and 1270-80 in a two wave move?
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tradewonk dav3st3wat
Thank you. Yup!
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I analysed the same trade earlier today, gr8 minds thing alike...
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tradewonk Marcus_Jayweather
@Marcus_Jayweather, Sounds good!
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