Gold 2022 Week 32 Trading Plan - Bear Market Trader
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Gold 2022 Week 32 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: The long buy­ing wick indi­cates buy­ers are still around. Although a Ham­mer for­ma­tion indi­cates fur­ther con­tin­u­a­tion low­er as no rever­sal pat­tern has been printed. 

Week­ly — Bullish

  • Price closed high­er although leav­ing a slight­ly longer sell­ing wick as well as fail­ing to close above W1 QLo
  • Con­jec­ture: Last week did not quite close as a poten­tial momen­tum fol­low­ing a Three Out­side Up could see. Fur­ther reluc­tance of a full bull­ish sen­ti­ment is the fact that price failed to close above W1 QLo. Thus price could see sell­ers com­ing in although not yet confirmed. 

Dai­ly — Bearish

  • D1 ini­tial­ly closed above W1 QLo but then formed a D1 Bear­ish Inside Bar react­ing off D1 50MA in DT leav­ing a small buy­ing wick react­ing off new­ly formed D1-C‑D 1763.229.
  • D1 QLo reject­ed, price trad­ing mid swing
  • Con­jec­ture: Besides D1 clos­ing as a Bear­ish Inside Bar (impli­ca­tion being for a devel­op­ing D1 THree Out­side Down) it also test­ed new­ly formed demand (high in dist. curve) through Three Out­side Up. A for­ma­tion  which ‘should’ see momen­tum come in but didn’t doesn’t make for a great bull­ish the­sis. The pull­back could have just been a prof­it-tak­ing move and more infor­ma­tion is need­ed if price can con­tin­ue the move higher. 

Sen­ti­ment sum­ma­ry — Bullish

Addi­tion­al notes

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

Focus Points for trad­ing development

  • Month­ly Goals
    • Use SL scaling


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