Gold 2022 Week 31 Trading Plan - Bear Market Trader
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Gold 2022 Week 31 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

  • Price made a LL almost tak­ing out MN-C‑D 1738.757 but price start­ed react­ing and closed above as a Ham­mer leav­ing a long buy­ing wick. 
  • Price failed to close below the pre­vi­ous range
  • Con­jec­ture: Price leav­ing a long buy­ing wick indi­cates buy­ers are around. Although price hav­ing closed as a Ham­mer indi­cates a poten­tial con­tin­u­a­tion low­er as there is no rever­sal pat­tern com­plet­ed (yet).

Week­ly — Bullish

  • Price react­ed off W1/MN demand and com­plet­ed a W1 Three Out­side Up but failed to close above Wide W1 QLo
  • Con­jec­ture: Due to the for­ma­tion of a W1 Three Out­side Up momen­tum is implied. Momen­tum can be deceiv­ing so If price fails to pull through it could instead see a re-test of demand. 

Dai­ly — Bullish

  • After D1 Bull Engulf was formed price saw a test of D1-C‑D 1712.136 (in 2nd Chance Entry fash­ion) before cre­at­ing new demand on top.
  • Price returned to D1 Sup­ply Base lev­el and con­se­quent­ly took it out clos­ing high­er above D1 VWAP in DT.
  • D1 QLo shares same lev­els as W1 QLo and thus price has failed to close above D1 QLo
  • Con­jec­ture: Price is still trad­ing with­in Wide D1 QLo and could see a retrace­ment if momen­tum starts wan­ing. Tak­ing out a Base Sup­ply lev­el price could push price high­er to orig­i­nat­ing lev­el of D1-C‑S 1809.323 which is near the round num­ber of 1800 (coin­cid­ing with D1 50MA in DT at which point price could see a reaction).

Sen­ti­ment sum­ma­ry — Bullish

Addi­tion­al notes

  • Aug 05, USD, Non­farm Pay­rolls Pri­vate (Jul)

Focus Points for trad­ing development

  • Month­ly Goals
    • Use SL scaling


Day trader. Tech geek. Sim Racing Enthusiast.

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