23 Jul Gold 2022 Week 30 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 and came close to taking out MN demand. A further bearish sentiment would be if price can close deeper within (or better yet take out) MN demand. One week left in the month.
Weekly — Neutral
- Price had closed within W1-C‑D 1729.709 then proceeded to make a LL and last week closed as a W1 Bullish Inside Bar (although price failed to close above W1 demand).
- Price trading below W1 LKC, trading extended below W1 VWAP.
- Price trading within Wide W1 QLo
- Conjecture: Even though price formed a Bullish Inside Bar it failed to close above Demand and could indicate sellers still being around. Price came close to taking out swing low and demand again and could have another go at it. Although due to trading at these levels price could develop a W1 Three Outside Up or possibly start a consolidation.
Daily — Bullish
- Price traded around round number of 1700 and closed as a D1 Bull Engulf giving D1-C‑D 1712.136 and saw a slight continuation higher. Price left a selling wick reacting off D1-C‑S 1739.768 Low in Dist. Curve.
- Price trading within Wide D1 QLo, sharing same levels as W1 QLo.
- Conjecture: Price is seeing a reaction around these levels but still has to deal with D1 Supply. If price can take out supply it still needs to deal with D1 VWAP in DT.
Sentiment summary — Neutral
- Jul 28, USD, Fed Interest Rate Decision
Focus Points for trading development
- Monthly Goals
- Use SL scaling