05 Jun Gold 2023 Week 23 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 — Bearish
- MN closed as a Bearish Inside Bar with longer selling wick
- Price still trading above MN-C‑D 1926.743 HiDC
- Conjecture: Price could see some push back at MN demand HiDC. Although being HiDC it could get taken out which would be in line for a Bearish Inside Bar to transition into a Three Outside Down.
Weekly — Bearish
- W1 Evening Star with continuation down closing at W1 VWAP in UT
- Last week closed as a possible Base with longer selling wick
- W1 QHi rejected, price trading mid swing
- Conjecture: A Base formation hints towards a further continuation. Price failed to close above VWAP and could still see buyers come in.
Daily — Bearish
- D1 Bear Engulf at previous Supply D1-C‑S 1971.156 (coinciding with D1 VWAP in DT closing below D1 LKC
- Price currently trading at D1-C‑D 1944.081
- D1/W1 Qhi rejected, price trading mid swing
- Conjecture: Price could see some reaction at D1 demand. Otherwise expectation is for price to push through after D1 Demand End 1931.900 gets taken out.
Sentiment summary — Bearish
Focus Points for trading development
- Monthly Goals
- Use SL scaling