Gold 2022 Week 19 Trading Plan

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. 

Addi­tion­al notes

• 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

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