Gold 2022 Week 6 Trading Plan

07 Feb Gold 2022 Week 6 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. 

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

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