07 May Gold 2022 Week 19 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 QHi
- Price made a LL
Weekly — Bearish
- Possible D1 Phase 4
- Last week closed lower but with longer buying wick
- Price trading at W1 VWAP in UT although closing slightly below
Daily — Neutral
- Possible D1 Phase 1 / 3
- D1-C‑D 1870 tested multiple times but price did not close within
- Same for the overhead supply at D1-C‑S 1892.745
Sentiment summary — Bearish
- MN Bear Engulf rejecting MN QHi and price made a LL. If price can push lower to 1828 there could be a further continuation down.
- MN demand at W1 QLo could see buyers coming in, although price has not reached it (yet). No reversal (yet).
- D1 price trading between supply and demand. Supply is low in the Distribution Curve but price needs to take out either for a further directional cue.
- 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