Gold 2022 Week 6 Trading Plan

#Fintwit #Gold #XAUUSD #Orderflow #daytrading #daytrade #forex #FX #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife 

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

• The month closed down within MN Supply and range tested a Base demand level
• MN QHi rejected

Weekly – Bearish

• W1 QHi rejected and no arrival at QLo (yet)
• Price almost tested QHi again before forming a W1 Bear Engulf
• Last week closed up as an Inside Bar

Daily – Bullish

• D1 QLo rejected through Bull Engulf (taking out a previous D1 demand)
• Slow continuation higher leaving buying wicks testing newly developed demand 4 times and consolidating

Sentiment summary – Bearish

• Possible developing MN Three Outside Down after a retracement to Base demand level
• W1 Bear Engulf followed by an Inside Bar not closing above 50% and closing below new W1 supply. 
• Slow move higher from D1 QLo, with MN/W1 QHi rejected there could be a diminished significance to the D1 QLo rejection.

Additional notes

• N.A.

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 2 a day (not in the same product at the same time) 
  • No early exits, either hit SL or target
  • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
• Process
  • Keep trade review comments short
• Risk Management
  • 2 consecutive days of lack of sleep = NO TRADING

• Twitter
• Instagram