30 Apr Gold 2022 Week 18 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
- MN Bear Engulf giving MN-C‑S 1905.787 rejecting MN QLo
Weekly — Bearish
- W1 Bear Engulf giving W1-C‑S 1946.944 rejecting W1 QHi with continuation closing below range
- Price seen some reaction off W1 VWAP although not confidently (yet)
Daily — Neutral
- D1 took out D1 Supply Low in Distr. Curve but then closed as an Inverted Hammer forming a weak Three Outside Up
- D1 QHi rejection with price trading mid swing
Sentiment summary — Bearish
- MN closed as a Bear Engulf but with some buying wick, even though selling wick is longer and price closed below MN QHi
- W1 follow-through and closed below the range and tested W1 VWAP. A close above last week’s bar could negate the Bearish Thesis.
- D1 took out supply but closed as a Bullish Inverted Hammer and could see continuation higher. Although due to the Larger Timeframe bearish sentiment price could continue down. More info is needed.
- Blackswan event
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