14 May Gold 2022 Week 20 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 and is trading within MN Demand
Weekly — Bearish
- W1 Phase 4
- Arrival and close within W1 QLo, but above W1-C‑D 1807.673 testing round number of 1800 below
Daily — Bearish
- Arrival and close within D1 QLo with some reaction above D1-C‑D 1797.238
Sentiment summary — Bearish
- MN trading within demand and has not taken it out (yet) so there might be buyers coming in still
- W1 closed within W1 QLo but above W1 demand and might see buyers coming in. Although with a wide QLO there might be further continuation down.
- D1 closed within wide D1 QLo and could see continuation although price did not close within demand (yet). Testing of round number could further see buyers come in.
- 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