14 Aug Gold 2022 Week 33 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. 
  • Price is trad­ing high­er with­in body although trad­ing at MN VWAP and could see a reaction.

Week­ly — Bullish

• Price closed high­er above pre­vi­ous High near its high
• Price clos­ing above W1 QLo reject­ing QLo 
• Con­jec­ture: Price closed above W1 QLo reject­ing swing low and closed slight­ly above 1800, if price can hold upwards momen­tum it could see con­tin­u­a­tion high­er to 1850.

Dai­ly — Bullish

• D1 QLo reject­ed, price trad­ing mid swing although near­ing D1 QHi
• Price popped 1800 and came close to test­ing D1 sup­ply and saw some reac­tion but failed to close with­in new­ly formed D1-C‑D 1788.088, instead price closed high­er form­ing a Bull Engulf
• Price trad­ing above D1 50MA in DT
• Con­jec­ture: Even though price closed high­er, price has slowed down some. Plus price is near­ing D1 QHi, D1 Sup­ply as well as D1 UKC in DT and trad­ing around a round num­ber so could see a reaction. 

Sen­ti­ment sum­ma­ry — Bullish

Addi­tion­al notes

• N.A. 

Focus Points for trad­ing development

• Month­ly Goals
  • Use SL scaling

• Twit­ter
• Insta­gram