Gold CFDs Uptrend with Elliott Waves, SMC, and Volume Profile
XAUUSD Gold CFDs Uptrend with Elliott Waves, SMC, and Volume Profile1. Identifying Trends using Dow Theory
Primary Trend: Uptrend Characteristics:
Higher Highs (HH) and Higher Lows (HL): The chart shows a series of HH and HL, confirming the uptrend.
Volume Confirmation: Volume Profile indicates significant volume concentrations at certain price levels, supporting the upward trend.
High-Volume Nodes (HVNs) & Low-Volume Nodes (LVNs): High-volume nodes around the price levels of 2,748.900, 2,758.640, and 2,757.230 act as support/resistance levels. Low-volume nodes suggest price acceptance and potential areas of rapid movement.
2. Labeling Elliott Wave Structures
Impulse Waves (1-5):
Wave 1: Begins at the bottom left and ends at the first peak.
Wave 2: Corrective wave retracing part of Wave 1.
Wave 3: Major upward impulse following Wave 2.
Wave 4: Another correction after Wave 3.
Wave 5: Final upward impulse completing the structure.
Corrective Waves (A-B-C):
Wave A: Following Wave 5, indicating a decline.
Wave B: Minor retracement upwards.
Wave C: Continuation of the decline, completing the correction.
Validation Using Fibonacci:
Key Fibonacci levels such as 0.786, 0.618, and 0.382 provide confirmation and possible retracement targets.
Volume Profile Integration:
Assessing volume concentration during each wave to understand the strength and potential exhaustion points.
3. Applying Smart Money Concepts (SMC)
Liquidity Zones:
Identified around key levels using Volume Profile's Point of Control (POC) and value areas.
POC: Approx. at 2,758.640, indicating a significant price acceptance level.
Break of Structure (BOS):
BOS identified at key levels where the price breaks previous highs/lows, indicating potential shifts.
Stop Hunts:
Potential stop hunts near levels with accumulated stop orders, such as 2,748.900 and 2,758.640.
Accumulation and Distribution:
Using Volume Profile to pinpoint areas where big players are accumulating or distributing.
4. Formulating Buy/Sell Strategies
Buy Strategy:
Entry: Around 2,745.573 where there's high volume and support.
TP1: 2,758.640 (approx. 130 pips).
TP2: 2,768.720 (approx. 230 pips).
SL: Below recent low at 2,733.916 (approx. 116 pips).
Sell Strategy:
Entry: Near resistance at 2,768.720.
TP1: 2,755.000 (approx. 137 pips).
TP2: 2,740.000 (approx. 287 pips).
SL: Above recent high at 2,780.000 (approx. 112 pips).
Volume Profile Leverage:
Entries and exits based on HVNs and LVNs for better accuracy.
By integrating Volume Profile into the analysis, we gain a deeper understanding of price levels where significant trading activity occurs, helping to refine our strategies for more precise entries and exits. This comprehensive approach ensures clarity and actionable insights for traders.
Alex Gold Hunter
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Alex Gold Hunter
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bit.ly/3ODlUI4
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bit.ly/3ODlUI4
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