23 Apr Trading Plan Gold (XAU USD) 04232020
These are my hypotheticals for today’s Gold session. Basically the levels that I will be looking at where it has a higher probabilistic chance the market will start reacting. Then I come up with ways I think the market will react around those levels. During the session I then wait for the market to hit those levels and either confirm or reject my hypothesis. I hope that makes sense. If not, please get in touch with me. I am not selling you anything. I just love to talk to people that are on the same path as me. So don’t be shy and reach out.
Observations of the market
- M: Price within Quarterly and monthly QHi and Supply ZOI
- W: Within W QHi. 1st rejection of W Supply ZOI last week but now have retraced more than 50% up and are looking to possibly reject again. We still have today and tomorrow within the candle.
- D: Trading below D QHi and D Supply ZOI. Made a strong push yesterday from QLo to QHi. Today we haven’t retraced back down much (yet)
- H4: Rejection of H4 QHi yesterday but no strong push down. Consolidating but no strong finisher.
- M30: M30 is showing a double top rejection of H4 QHi but currently the AS is possibly looking to test it again.
- Market Profile: Above PDVAH and range. Market is imbalanced but testing last Friday’s high.
Hypothetical
Hypo1: H4 Swing Reversal below H4 QHi
Entry Short below 1707. Targets 1703, 1698, 1692, extended target 1680
Hypo2: H4 Swing Reversal within H4 QHi
Entry Short below 1718. Targets 1707, 1703, 1698, 1692, extended target 1680
Hypo3: Yesterday’s high BO
Entry Long above 1718. Targets 1723, 1729, extended target 1734
Opened above PVAH and range. Bullish Engulfing during IB. Testing yesterday’s high.
Hypo3 played out. Market profile indicating a trend day. Building structure at the top but only 3 TPOs in possible continuation. None of my setups occurred to go long. Price trading within H4 QHi. Looking for potential Hypo2 to set up.
Possible Consolidation within M30 Supply ZOI and H4 QHi. At the 4th candle now. Waiting for strong finisher within the next 4 candles. to go short.