28 May Gold 2022 Week 22 Trading Plan
#fintwit #XAUUSD #GOLD #MarketProfile #Orderflow
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 1906.095 (Near Round Number) rejecting MN QHi
- Price made a LL and started reacting off MN-C‑D 1828.483 RBR after almost taking it out. Originating level of MN-C‑D 1780.587 not far below.
- Still two days left in the month before a confirmed close
Weekly — Bullish
- W1 Bullish Inside Bar reacting off W1-C‑D 1807.673 at W1 QLo followed by an Inverted Hammer
- Pirce broke down from W1 VWAP with no W1 VWAP CAR (yet)
Daily — Neutral
- D1 Bear Engulf at D1 VWAP with longer buying wick
- No continuation (yet) instead a consolidation
- D1 QLo rejected, price trading mid swing
Sentiment summary — Neutral
- MN has shown continuation to MN QHi rejection but started reacting off MN demand. Two days till close.
- W1 failed to follow-through confidently forming a weak Three Outside Up but still closed bullish. Price could see a continuation higher. Price testing demand could negate the bullish thesis.
- D1 failure to follow-through on the Bear Engulf. Price trading around D1 VWAP has shown to fumble around first before continuing higher. D1 Supply getting taken out would validate a bullish sentiment. Vice verse for demand getting taken out.
- 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