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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, 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
- Price formed a Bear Engulf (although to me it was more of a consolidation) back in June rejecting MN QHi with no follow-through. Instead price has been trading within the supply (MN-C-S 1768.539) it had formed with last month closing as a DragonFly Doji reacting off MN-D-C 1739.674 (coinciding with MN VWAP in UT TC). To which price is currently trading below.
Weekly – Bearish
- W1 Bear Engulf at previous W1 supply returning to W1 Base demand level
- Price trading mid swing after W1 QLo rejection
Daily – Bearish
- Price rejected D1 QHi through a D1 Three Outside Down and is trading below it
Sentiment summary – Bearish
- Price rejected MN QHi and is trading within MN supply
- On W1 price failed to take out supply and instead formed a W1 Bear Engulf
- D1 QHi rejection with price consolidating below. Some Demand in the way.
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C-S 1826.118
- W1-C-S 1807.592
- MN-C-S 1768.539
ZOIs for Possible Long
- D1-C-D 1781.384
- MN-D-C 1739.674
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 20 trades by the end of the month, preferably 2 a day (not in the same product at the same time)
- Weekly Goal
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No early exits, either hit SL or 2R target, latest cut-off 1:30 London time
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING
