Gold

Looks perfect for a pullback and a push to 2509, I am not sure we will be able to go much further this time.
Overbought approx in the same area.
Plan still the same.

Hello
I am a beginner in trading, just the basics of trading
I use (volume profile) for trading
What do you advise me for the next steps to learn.

this had to come to 2400 level to reset before going to 2500+

Stare at charts. A lot. Welcome to trading.

From where we can learn volume?

gold is going down for abit i guessed ?

Take the time to study market trends, develop a solid trading strategy, and manage your risks wisely. Look, if you had one shot or one opportunity to seize everything you ever wanted in one moment would you capture it or just let it slip? His palms are sweaty

I've recently just gone through this process and have been thinking about what I would do diffrently if I had my time over again. Hopefully this will be of use for you.

There is no substitute for time, I think after around 1000 hours it started to click for me, if you work, then this will take some time or be difficult. If you hate staring at charts then you have a problem. I happened to love it, like the ultimate PC strategy game.

All indicators will have 40-55% success rate, pick one for when market is ranging, once it is trending dont use an indicator. Ths signal will move from overbought / oversold and give you a signal and then market will take off the the other way. I'd recommend either stochastic or CCI, but you only need this for when its ranging.

I'm a big fan of bollinger bands, so I would start with this if you want to go down indicator route.

Have one moving average on your chart either 20 / 100 or 200 depending if your intrady, day or swing.

Then, learn SMC (smart market concepts) its all reconstituted wycoff theory but it has more update language. There are a couple of 5 hr long videos on youtube that are pretty good.

Once you start spotting patterns, then you are ready to include these to your trading. (harmonic, AB=CD, wedge, flags) (There was a cup and handle 15 min gold last night for instance) These generally have a 80-90% success rate, so worth including.

If you're looking for a starting strategy on forex factoryhere, I would recommend CHOROS or road map, so search for this.
https://www.forexfactory.com/thread/...-choros-system

https://www.forexfactory.com/thread/...o-read-markets


The most important aspect to all trading is money mangement & Psychology, can't stress this enough. I read this but practically ignored this - this I would learn and get this right first.

Track you win rate percentage and review every trade at end of day, doesnt have to take a long time but you will see things - (why did I buy/sell there, it was possibly the worst place). My win rate dropped to 30% at one stage - this can only be due to Psychology. If you dont track win rate / keep a small trading journal log you won't know why.

I'll leave you with this : _ You can toss a coin every morning, heads you buy from london open tails you sell - with risk money mangement and 50% win rate you will make good money - Most indicators are worse than this!

The only move i will trade before the News.

Buy 1h close above 2464.5
not before.

i opened a pending short @2510, probably it will not go now but in case if today's news moves the price. going to sleep for now.


1. Gold rebound from 2477~80 zone.
2. High probability, Gold will pull back 2430~2445 before go to the next higher high.

Trading
Analysis: Analyze the sentiments of price,
Believe: Believe in your analysis, and you will make a profit.

So, the main scenario people are expecting to happen is a spike up above 2500$ during the news and then a sharp sell-off.
I give some chance to the alternative scenario as well which is a spike down and then up above 2500$.
Support levels for the Gold today are at 2450$ and of course 2335$ - 2330$. If the price drops below that, then it's again getting interesting for the PMs.
See you before the CPI people (if nothing happens)!

https://www.reuters.com/markets/comm...ms-2024-08-14/
Goog gold article this morning

"Gold might drop to $2,300 if the (CPI) data doesn't align with expected rate cuts, but in the long term, bullion is likely to rise as the U.S. economy weakens enough for the Fed to cut rates significantly"

The lows were taken out, the 2 harmonic swings done and we are back up.
This is the final leg up.
As you can see the analysis does not change with price movements...

2456 got hit!

1 min ...

The pullback is expected to target the 2459
Sell: 2470+
SL: 2485
TP: 2459

today levels,

After 16 August is important date, the bankers will release the orders of 12 million sizeable

Welcome. Also could say i am new in this area. For me:

- consume some courses (free, paid)
- read book trading in the zone
- think twice before entering into market.

Only beginner tips, but be aware some guys are Pro players here, could teach u a lot

added to my sell from 2475 one more 2471 SL still 2485, target around 2445

Gold really have pullback

Pull a while and back