Gold 2022 Week 47 Trading Plan - Bear Market Trader
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Gold 2022 Week 47 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. 
  • Price start­ed react­ing off MN 50MA in UT and is cur­rent­ly trad­ing above body, above range
  • Price is start­ing to react off MN VWAP

Week­ly — Bearish

  • Price start­ed react­ing off W1-C‑S 1773.738 and closed as an Invert­ed Hammer
  • Price made a LL and is trad­ing below body, below range
  • W1 QLo reject­ed, price trad­ing mid swing
  • Con­jec­ture: Price had a big move but  failed to close with­in sup­ply, Then con­se­quent­ly fail­ing to close with­in it shows a pos­si­ble retrace­ment of the pre­vi­ous big ral­ly. Unless price can con­tin­ue high­er and close with­in Sup­ply (or take out) price could see more sell­ing com­ing in. How­ev­er, have to stay open for a con­tin­u­a­tion as an Invert­ed Ham­mer usu­al­ly sig­nals a con­tin­u­a­tion instead of a reversal. 

Dai­ly — Bearish

  • D1 Three Out­side Down clos­ing at D1 QHi, with con­tin­u­a­tion clos­ing below D1 QHi in effect reject­ing it.
  • Con­jec­ture: Price has reject­ed D1 QHi and is extend­ed above D1 VWAP (as well as D1 UKC) and could see a retrace­ment to VWAP. A fur­ther con­fir­ma­tion of the retrace­ment would be a move back to D1-C‑D 1711.648 BASE level. 
    • If buy­ers are strong, price could reverse above that
    • If price hit the Base Demand lev­el it could see a con­tin­u­a­tion to orig­i­nat­ing move of 1630 although Base lev­el being around the round num­ber of 1700 this could again bring buy­ers in. 

Sen­ti­ment sum­ma­ry — Bearish

Addi­tion­al notes

  • N.A. 

Focus Points for trad­ing development

  • Month­ly Goals 
    • Use SL scaling


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