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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, 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
- The month closed down within MN Supply and range tested a Base demand level
- MN QHi rejected
- Price is trading above last month’s body and range within MN supply
Weekly – Bullish
- Price took out newly formed W1 Supply and created a W1 Three Outside Up (giving W1-C-D 1807.423) closing at W1 QHi within W1 Supply (3rd test). No reversal pattern yet but expect reaction off this level.
Daily – Bullish
- Price took out D1 supply at D1 QHi and closed well within D1 QHi
- Price closed with slight reaction off of older D1 C-sup 1862.168
Sentiment summary – Bullish
- MN has broken range to the upside going against the larger timeframe sentiment although price is still developing and needs to close to confirm a change in sentiment.
- W1 took out newly formed W1 Supply but is now testing another W1/MN supply above. Having closed as a W1 Three Outside Up there could be momentum behind the move. Although the third candle could be overextended. Price trading at W1 supply and W1 QHi there could be a reaction.
- D1 formed a base and closed taking out D1 Supply within D1 QHi. There could be No reversal pattern formed (yet)
Additional notes
- N.A.
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 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
