I don't use indicators on my
MT4 charts. Zero Indicators rule. But before every trading day? I mark key price levels. Pivot points. Support and resistance. Psychological levels. That's the backbone of my trade planning.
Pivot Points for Gold
Pivot points come from yesterday's high, low, and close. They give you three layers of
support and resistance. Above and below the current price.
Here's the formula:
- Pivot (PP): (High + Low + Close) ÷ 3
- R1: (2 × PP) − Low
- S1: (2 × PP) − High
- R2: PP + (High − Low)
- S2: PP − (High − Low)
- R3: High + 2 × (PP − Low)
- S3: Low − 2 × (High − PP)
These levels are my framework. Gold above the pivot? I look for longs. Below it? Favor shorts. Simple as that.
Psychological Levels
Gold loves round numbers. $2,300, $2,350, $2,400. They act like magnets. And barriers. I've watched gold bounce off $2,400 three times in one week. Rejected it like a ceiling. Sound familiar?
How I trade them:
- Approaching a round number: I wait for a rejection candle first
- Breaking a round number: I wait for a retest before following the breakout
- Between levels: I tighten stops and reduce position size
Previous Day High/Low
Yesterday's high and low? Most relevant short-term levels out there. I draw them before the London open. If gold breaks the previous day's high, momentum's usually to the upside. Break the low? Expect selling pressure. Know what I mean?
Session-Specific Levels
Gold moves differently across sessions. Here's what I've seen:
- Asian session (00:00–09:00 GMT): Narrow ranges. Great for spotting the day's initial bias
- London open (08:00 GMT): Volume spikes. Levels set here often hold all day
- New York open (13:00 GMT): Highest volatility. Best for breakout trades
I mark my key levels before each session. Then adjust as the day unfolds.
My Daily Routine
- Calculate pivot points from yesterday's data
- Mark yesterday's high and low
- Find nearby psychological levels
- Set alerts for breakouts through these levels
- Plan entry, stop, and target based on the level structure
Takes me 10 minutes. Before the London open. Replaces indicators entirely. Honestly? That's all I need.
Try my Key Price Levels Tool →