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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
- Multiple MN QHi rejections
- Price retraced to MN-C-S 1813.621 (MN Evening Star) and took out the supply
- Possibly developing a MN Three Inside Up
- Still 2 weeks to go till the end of the month
Weekly – Bullish
- Last week closed as a continuation to the W1 RBR giving W1-C-D 1794.045 BASE
- Price closed near its high within W1 QHi
- No arrival at W1-C-S 1888.859 (yet)
Daily – Bullish
- D1 Phase 2 closing higher although Friday’s range did not make a HH
- Price closed within D1 QHi
Sentiment summary – Bullish
- MN supply got taken out but is still trading within a previous MN supply coming from a MN QHi rejection
- W1 closed bullish within W1 QHi with little reaction
- D1 Phase 2 with some slowdown at D1 QHI although price still closed higher. No reversal pattern (yet)
Additional notes
- N.A.
ZOIs for Possible Shorts
- W1-C-S 1888.859
ZOIs for Possible Long
- W1-C-D 1794.045 BASE
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
