13 Nov Gold 2022 Week 46 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 and is currently trading above body, above range
Weekly — Bullish
- W1 Bull Engulf with continuation closing higher just below W1-C‑S 1773.738 after taking out W1 Base Demand Level and returning to originating level.
- Price closed above W1 VWAP in DT
- Conjecture: Break higher from W1 Phase 1 although price failed to close within W1 Supply and see a reaction.
Daily — Bullish
- D1 RBR giving D1-C‑D 1711.648 BASE level taking out D1 Supply
- Price closed higher within Wide D1 QHi
- Conjecture: Price trading within D1 QHi could still be reactive and see sellers coming in
- A Wide D1 QHi could see a continuation higher to test D1 200MA (coinciding with D1 Supply as well as the Round Number 1800) in which case more selling could come in.
Sentiment summary — Bullish
Focus Points for trading development
- Monthly Goals
- Use SL scaling