Gold 2022 Week 1 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, 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 as a Bull Engulf / RBR giving MN-C-D 1780.536
• Price did not close within MN-C-S 1848.366 and did not break the range high of the previous month
• MN QHi rejected and price trading mid swing

Weekly – Bearish

• W1 Three Outside Down at MN Supply with not much continuation. Instead a weak Morning Star with some continuation closing above the previous week
• W1 QHi rejected and price trading mid swing

Daily – Bullish

• D1 Bull Engulf giving D1-C-D 1791.319 at D1 QLo
• Some D1 supply created with no follow-through. Instead a Bull Engulf not clearing supply giving D1-C-D 1806.441
• D1 QLo rejected and price trading mid swing

Sentiment summary – Bullish

• MN closed bullish although not clearing the selling tail of the previous month and coming from a MN QHi rejection trading within MN supply
• Even though W1 QHi got rejected, price has reacted off W1 demand and is closing higher
• D1 QLo rejected and price has traded higher giving no continuation to new supply being made.

Additional notes

• Gold statistically ends higher in December / January
• Watch out for tighter ranges
• Jan 07, 21:30, USD Non Farm Payrolls (Dec)

ZOIs for Possible Shorts

• MN-C-S 1848.366

ZOIs for Possible Long

• D1-C-D 1806.441
• D1-C-D 1791.319
• MN-C-D 1780.536

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

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