Hi,
I’ve been looking into using supply and demand for my trading. I’m new to all of this and would like to understand where the major players are in the market. I’ve been looking at XAU/USD trying to spot some of this levels. I would like to know if this level spotted was a demand level turning supply?
It looks like you’ve just picked a random point on the chart. The level should be obvious and you’re probably better off finding support/ resistance levels on higher timeframes like the daily.
I think you should work on your education first. Start here. it includes the babypips course but I think you should go more basic and do some of the free broker training of the links added.
I’m quite familiar with my support and resistance. It’s just more implementing the zones instead of just using a single line. But thanks.
I don’t doubt you are familiar with support resistance. But using it to trade is a different game.
What zone have you picked out on the chart? Because you just have lines, a white line and a purple line.
The white line is a plotted resistance. Pay no attention to that, the 2 purple lines had been plotted from a rally, base, rally, which price had exit, returned and his hovering around in. So i’d like to know if it’s a correct zone, as I never normally use this approach in my trading…
I’m not familiar with the term rally/base/rally so unable to tell you what zone you’re looking for. I would advise to keep things simple. Here is the daily chart:
Very simple 2 lines matching up some recent price reversal. Then when you look at the 4 hr chart there are some easy areas you couldve traded and made money.
If you are not aware of trading with this approach then it is worth reading more about it and testing on a demo account. I’d recommend keeping it basic. If it doesnt make sense , dont trade it.
I’m perfectly aware of this, as this how I normally approach my charts. I keep things simple. I’m just looking at different methods… But thanks again.
Oh have I missed your question? I thought you were asking about support/ resistance zones?
