EOD analysis for Gold

It feels good to be back on my personal trading journal.  My time at BMT was very useful as I received a lot of help from Big Mike and other BMT members to help me deal with my discipline issues.  Although I have not yet fully removed the problem, I am getting better.

Anyway, I only concentrated on Oil today and took a very good 90 tick trade (see below) based on an intraday demand level, therefore I was not able to look at gold.  So today EOD analysis is totally devoted to gold.  We had a couple of very good moves today.

The first one was after we had seen extreme exhaustion from the RPM indicator and also had excessive volume on the 5 min chart, after a $30 down move from yesterday afternoon.  All 4 charts were showing this exhaustion, and this shows that when there is confluence between the charts, we can have more confidence with a trade idea.  In this case it was to go long.  An aggressive trade would have been entering after exhaustion was seen, but a demand zone was formed around 10:00 am and then price retraced back into it at the opening of the NYSE for a $12 move up.

Price then reversed back down virtually the same amount from a supply zone which was identified on the 5 min chart, formed during the early morning around 02:00 BST, where we had unusual high volume activity.  It is always a good idea to check for unusual activity in the early hours as this is where Smart Money hide their nefarious activities.

All the minor supply zones during the down moves gave some very good small moves.

See the 4 charts - 5 min, 700 vol, 700 & 400 tick.