17 Dec Gold 2022 Week 51 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 — Neutral
- Price made a HH but then closed slightly lower leaving a slightly longer selling wick reacting off Wide W1 QHi
- Price trading at W1 50MA
- Conjecture: Price had its first touch of W1 QHi and started reacting leaving a longer selling wick indicating sellers coming in. However price did not close confidently lower as it left a long buying wick and could be a mere speedbump. With a Wide QHi price could probe deeper within QHi.
- If price retraces to W1-C‑D 1754.457 price could see a continuation. However, with W1 VWAP creeping below there might be some more buyers coming in.
Daily — Neutral
- Possible D1 Phase 1 / 3
- D1 Bullish Inside Bar at D1 VWAP in UT after a D1 Three Inside Down rejected Wide W1/D1 QHi giving D1-C‑S 1807.532 Momentum
- Price trading around Round. No. 1800
- Conjecture: Price failed to follow-through on the D1 Three Inside Down and instead formed a Bullish Inside Bar (possible profit-taking).
- If price retraces to D1-C‑S 1807.532 Momentum, price could see a continuation higher forming a D1 Three Inside Up.
- D1 VWAP in UT hitting an apex with D1 200MA in DT could see a Break Out/Down
Sentiment summary — Neutral
Focus Points for trading development
- Monthly Goals
- Use SL scaling
- 1st DTTZ Gold
- 2nd DTTZ DAX