11 Dec Gold 2022 Week 50 Trading Plan
#Fintwit #XAUUSD #GOLD #MarketProfile #Orderflow #TradingPlan
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.
Monthly — Bullish
- MN Bull Engulf at MN 50MA in UT giving MN-C‑D 1664.995 just above MN QLo (no touch)
- Price currently trading above body, outside range, testing MN VWAP
- Conjecture: After a formation of a Bull Engulf there might be a retracement to newly formed MN demand (2nd Chance entry move)
- MN VWAP could turn into a CAR as price did initially close below previous range low and failed to test MN QLo
- Price closed back within overall range and could see the overall range stay intact for now
Weekly — Bullish
- W1 Supply got taken out as price made a HH closing as a Inside Bar with Longer buying wick / Hammer
- Price trading below W1 QHi, at W1 50MA
- Conjecture: Price closed as a possible Base and could see a (possibly exhaustive) push higher within Wide W1 QHi.
- W1 QHi as well as W1 50MA could see sellers coming in
Daily — Bullish
- D1-C‑D 1770.923 Momentum held and closed higher above D1 200MA testing Round No. 1800 although leaving a longer selling wick failing to close within D1-C‑S 1798.779
- Conjecture: Price closed higher although failed to close within D1 Supply leaving a selling wick and could see sellers coming in. Same thing for trading at D1 200MA although price returned to it as well as Round No. of 1800.
- Closing as a Hammer with wider body could see a continuation higher
Sentiment summary — Bullish
Focus Points for trading development
- Monthly Goals
- Use SL scaling
- 1st DTTZ Gold
- 2nd DTTZ DAX