Gold 2022 Week 2 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
• Price is trading within last month’s body and tested MN-C-D 1780.536

Weekly – Bearish

• Last week closed as a W1 Bearish Engulfing
• W1 QHi rejected and price trading mid swing

Daily – Bullish

• D1 Three Outside Down giving D1-C-S 1810.196 returning to QLo (after D1 QLo rejection) and formed an Inside Bar with longer buying wick taking out demand and reacting off QLo

Sentiment summary – Bearish

• MN is coming from QHi rejection and is trading mid swing within MN supply although new demand has been created and price could start reacting more
• W1 Bear Engulf indicating more downside as well as coming from a QHi rejection
• D1 has not completed a full bullish reversal pattern although created an inside bar with long buying wick reacting off D1 QLo and could see follow-through.

Additional notes

• Gold statistically ends higher in December / January
• Watch out for tighter ranges

ZOIs for Possible Shorts

• MN-C-S 1848.366
• D1-C-S 1810.196

ZOIs for Possible Long

• MN-C-D 1780.536
• W1-C-D 1763.632

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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