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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
- Last month closed with a long selling wick and possible DBD after price took out MN supply although still trading within a bigger supply.
- Price coming from MN QHi rejection
- Price is probing above last month’s body into the selling wick
Weekly – Neutral
- Weak W1 Morning Star after reacting off W1 demand
- W1 QHi rejected with no arrival at W1 QLo yet
Daily – Bullish
- D1 Three Outside Up reacting off D1 QLo and Friday closed as an Inverted hammer
- Price trading mid swing after coming from D1 QLo rejection
Sentiment summary – Bullish
- MN possibly developing a RBR but trading into long selling wick can be troublesome
- W1 did close bullish but still some sellers around
- D1 wide supply still intact after almost getting taken out. There was some accumulation going and price broke above the range.
Additional notes
- Gold statistically ends higher in December / January
ZOIs for Possible Shorts
- W1-C-S 1846.294
- D1-C-S 1790.962
ZOIs for Possible Long
- D1-C-D 1779.276
- W1-C-D 1763.670
- MN-C-D 1739.073
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
