Gold 2022 Week 4 Trading Plan

#Fintwit #Orderflow #daytrading #daytrade #forex #FX #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #Gold #XAUUSD 

This is my weekly outlook on GOLD. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out. 

Monthly – Bearish

• Last month closed as a Bull Engulf / RBR giving MN-C-D 1780.536
• Price did not close within MN-C-S 1848.366 and did not break the range high of the previous month
• MN QHi rejected and price trading mid swing
• Price is trading above last month’s body after having reacted off MN-C-D 1780.536

Weekly – Bullish

• W1 QHi rejected and price trading mid swing
• Last week closed as a W1 Three Outside Up giving W1 C-Dem although with some reaction off W1 Supply

Daily – Bearish

• D1 QHi reached after QLo rejection (coinciding with D1 UKC)
• Weak D1 Evening Star (leaving a longer buying wick) formed at D1 QHi at first test giving D1 C-Sup

Sentiment summary – Neutral

• MN trading above last month’s body and range but trading within MN Supply
• W1 closed bullish although did not close within W1 supply. A re-test of newly formed demand might not be the most bullish. 
• D1 Evening Star created at D1 QHi although weak still technically a rejection. Price could follow-up on the W1 move and take out newly formed D1 supply at QHi. More information is needed. 

Additional notes

• Gold statistically ends higher in December / January
• Watch out for tighter ranges

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 2 a day (not in the same product at the same time) 
  • No early exits, either hit SL or 2R target
  • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
• Process
  • Keep trade review comments short
• Risk Management
  • 2 consecutive days of lack of sleep = NO TRADING

• Twitter
• Instagram