Gold 2022 Week 7 Trading Plan - Bear Market Trader
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Gold 2022 Week 7 Trading Plan

Gold 2022 Week 7 Trading Plan

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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. 

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Month­ly — Bearish

  • The month closed down with­in MN Sup­ply and range test­ed a Base demand level
  • MN QHi rejected
  • Price is trad­ing above last month’s body and range with­in MN supply

Week­ly — Bullish

  • Price took out new­ly formed W1 Sup­ply and cre­at­ed a W1 Three Out­side Up (giv­ing W1-C‑D 1807.423) clos­ing at W1 QHi with­in W1 Sup­ply (3rd test). No rever­sal pat­tern yet but expect reac­tion off this level.

Dai­ly — Bullish

  • Price took out D1 sup­ply at D1 QHi and closed well with­in D1 QHi
  • Price closed with slight reac­tion off of old­er D1 C‑sup 1862.168

Sen­ti­ment sum­ma­ry — Bullish

  • MN has bro­ken range to the upside going against the larg­er time­frame sen­ti­ment although price is still devel­op­ing and needs to close to con­firm a change in sentiment.
  • W1 took out new­ly formed W1 Sup­ply but is now test­ing anoth­er W1/MN sup­ply above. Hav­ing closed as a W1 Three Out­side Up there could be momen­tum behind the move. Although the third can­dle could be overex­tend­ed. Price trad­ing at W1 sup­ply and W1 QHi there could be a reaction. 
  • D1 formed a base and closed tak­ing out D1 Sup­ply with­in D1 QHi. There could be No rever­sal pat­tern formed (yet)

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


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