Gold 2022 Week 8 Trading Plan

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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
• Possible developing MN RBR (still one week left) nearing MN QHi

Weekly – Bullish

• Price closed higher within wide W1 QHi and W1-C-S 1891
• No reversal pattern (yet)

Daily – Bullish

• Price formed a Hammer reacting off D1-C-S 1903.50
• Price trading within wide D1 QHi
• No reversal pattern (yet)

Sentiment summary – Bearish

• Price is nearing MN QHi again after having confidently rejected it, it is developing a possible RBR. If there is no continuation after the candle close (at month’s end) and price returns to new MN C-dem it could signal the beginning of the move lower.
• Price trading within W1 QHi although no reversal pattern (yet) there could be sellers coming in
• Price started reacting off D1 C-sup although no confirmed reversal pattern yet

Additional notes

• N.A.

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • 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
• Risk Management
  • 2 consecutive days of lack of sleep = NO TRADING

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