The Initial Balance (IB) indicator for gold trading is a valuable tool for identifying key price levels and potential trade setups. Here's an overview of how it works: Initial Balance Calculation The Initial Balance for gold is calculated from 8:20 AM to 9:20 AM EST, coinciding with the COMEX open. This one-hour period establishes crucial reference points for the trading day. Key Levels The indicator displays several important price levels: IB High: The highest price reached during the Initial Balance period IB Low: The lowest price reached during the Initial Balance period IB Midpoint: The average of the IB High and IB Low These levels often serve as significant support and resistance areas, with many traders placing stop-losses around them. Overnight Levels In addition to the IB levels, the indicator shows overnight price action: ONH: Overnight High ONL: Overnight Low ONM: Overnight Midpoint Overnight VWAP: Volume Weighted Average Price from the overnight session These overnight levels have a high probability of being tested during the COMEX trading session, making them valuable reference points for traders. Trading Applications Traders can use the IB and overnight levels for various purposes: Setting profit targets Identifying potential trade entry points Managing risk by placing stop-losses at key levels Gauging overall market sentiment and volatility The levels established during both the Initial Balance and overnight sessions are likely to be touched during the COMEX trading session. This insight allows traders to make more informed decisions and enhances their trading strategies. If you have more questions about the trading strategy, please DM me, and I can explain further. I also have probabilities of all these levels being broken during the COMEX trading hours, which gives us confidence to hold our trades to targets. Understanding and utilizing these levels can provide traders with a competitive edge in gold trading, helping them make more informed decisions based on early market dynamics and overnight price action.
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