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I have been trading gold on and off over the last three years. However I have been trading Gold only as of this year. I like the intra-day volatility.
I trade the market structure, creating zones. I am familiar with patterns. If I see them while creating zones, I consider them as well.
I recently joined Futures IO to hold myself accountable to "do my homework"
Overnight GC traded lower and filled a gap at 1254 where buyers started to step in. Sellers were active at the 1258.7-1259.4 zone. GC failed to trade above yesterday's midpoint. GC continues to trade in a daily sideways range.
Heading into the open we have initial support at 1254-1254.8. If GC breaks below that there is minor support at 1251.5-1252.3; 1249-1249.7. Stronger support can be found at 1246.7-1247.4; 1244.3-1245.1 where responsive buyers can be active. At that point GC may be short-term exhausted.
Above initial support we have initial resistance at 1255.7-1256.5. Above that there is minor resistance at 1258.7-1259.4 which marks the overnight high and the zone GC could not trade above yesterday. A break above 1259.4 is larger time frame resistance at 1261.6-1262.5; 1263.5-1264.2. If GC break above those zones, expect resistance at 1265.9-1267 and 1270-1270.9 where GC can reach short-term exhaustion.
Economic News: 7:15; 9:00; 9:30; 13:00
Caution to today's volatility: GC may see early price swings and settle before FOMC meeting minutes at 13:00
Hi, I hope you dont mind if I ask a few questions. What indicators are you using and what is your entry criteria ie what things have to line up for you in order to commit to a trade?
Thanks
I don't mind at all, it's one of many reasons why I joined the forum.
At the bottom of the chart is a Composite RSI and a tradition RSI with a 9 exponential ma and a 45 simple ma. The Composite RSI acts as a "heads-up, there may be changes coming" indicator. On the charts, I use a 24-hr VWAP and a 24-hr mid. The Zones I create daily.
There is no magic to the indicators. My entries are based off of market structure and contextual alignment. I trade the zones. The indicators are mainly used to assist with my decisions at a zone.
Not every zone is created equal. I do find that divergence into a larger time frame zone is an automatic entry for me. A lot of my trades are committed before price gets to the zone. Example, if you read my trade plan today, it identified larger time frame support at 1246.7-1247.4; 1244.3-1245.1, this was an automatic long entry regardless of indicator.
GC found strong buying after the FOMC minutes yesterday. Overnight GC failed to continue to follow through with that buying. GC is trading within yesterdays range, finding support around yesterday's mid.
Heading into the open we have initial support at 1250.2-1251.1. Strong support can still be found at 1246.8-1247.6 and 1244.3-1245.1. If GC breaks below those zones on strong momentum and conviction then sellers may continue to press where GC may not find buyers active until 1237.5-1238.5
Above initial support we have minor resistance at 1253.9-1254.9 and 1256.4-1257.1 Sellers may still be active around 1259.1-1260 and 1261.8-1262.7. If GC breaks above this balance with conviction and momentum, GC may find additional resistance at 1265.9-1267, where it may become short-term exhausted. Additional resistance may be found at 1270-1270.9 and 1274.9-1275.9.
