16 Jul Gold 2022 Week 29 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 1905.787 rejecting MN QHi, price is trading mid swing
- Last month closed closer within MN demand but did not make a LL
- Developing month made a LL and is currently testing MN-C‑D 1738.757
- Conjecture: Price is digging deeper within MN demand although still a long way to go before eventually being able to take it out. A further bearish sentiment would be if price can close deeper within (or better yet take out) MN demand. Although still enough time left in the month.
Weekly — Bearish
- Price took out W1 Swing Low and established another also Wide W1 QLo
- Price trading deeper within W1 QLo and closed deep within W1-C‑D 1729.709
- Conjecture: price reached demand and closed within indicating a possible continuation. Although the W1 demand could see a reaction there is no reversal yet.
Daily — Bearish
- D1 is showing some slow down although still closing lower within Wide D1/W1 QLo
- Price trading above D1-C‑D 1692.029, around the round number of 1700.
- Conjecture: Even though price is slowing down there has been no reversal pattern yet. If price tests and takes out D1 Supply Low in Distribution Curve it would negate the bearish sentiment.
Sentiment summary — Bearish
Focus Points for trading development
- Monthly Goals
- Use SL scaling