Gold 2022 Week 42 Trading Plan - Bear Market Trader
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Gold 2022 Week 42 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

  • Pos­si­ble MN Phase 4
  • Price test­ed MN 50MA in UT and closed leav­ing a buy­ing wick
  • Con­jec­ture: Price failed to close below MN 50MA in UT but did close below pre­vi­ous range low. As there is no rever­sal yet and MN QLo as well as the 1600 right below price could see a con­tin­u­a­tion and test these levels. 
  • How­ev­er, price trad­ing at MN 50MA in UT could see buy­ers com­ing in although no rever­sal has print­ed yet.
  • Price start­ed react­ing off MN 50MA in UT but is cur­rent­ly trad­ing below body although still with­in range

Week­ly — Bearish

  • Price had formed a W1 Three Out­side Up but failed to pull through on momentum
  • Instead price closed as a W1 Bear Engulf with­in New­ly formed demand
  • Price trad­ing at W1 200MA in UT
  • Con­jec­ture: Price failed to hold onto the momen­tum and instead reversed cre­at­ing a Sup­ply Low in Dist. Curve. A repeat­ed test of new­ly formed Sup­ply could negate the bear­ish thesis. 
  • Price reached an old W1 Base Demand Lev­el and could see a con­tin­u­a­tion to orig­i­nat­ing lev­el of 1546.360 (although lots of oth­er con­ges­tion in the way)
  • As price has not yet pulled through to MN/W1QLo price could test these lev­els first before more buy­ers come in. 

Dai­ly — Bearish

  • Price con­sol­i­dat­ed but then con­tin­ued low­er clos­ing with­in D1 QHi cre­at­ing new sup­ply giv­ing D1-C‑S 1666.158
  • Con­jec­ture: Price retraced to a D1 Base Demand Lev­el indi­cat­ing a pos­si­ble fur­ther probe of orig­i­nat­ing lev­el of 1625.693.
  • Price closed with­in D1 QLo although could still see buy­ers com­ing in. 

Sen­ti­ment sum­ma­ry — Bearish

Addi­tion­al notes

  • N.A. 

Focus Points for trad­ing development

  • Month­ly Goals
    • Use SL scaling


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