Gold 2022 Week 16 Trading Plan

16 Apr Gold 2022 Week 16 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 — Bullish

• Price made a HH and closed with­in MN QHi as an Invert­ed Ham­mer leav­ing a long sell­ing wick react­ing off and clos­ing below MN-C‑S 1965.163
• Price is trad­ing above last month’s body, but still with­in range

Week­ly — Bullish

• W1 Con­sol­i­da­tion and BO through W1 Three Out­side Up giv­ing W1-C‑D 1947.156
• Pos­si­ble W1 Phase 1
• Price trad­ing below W1 QHi after rejection
• Price closed near its high

Dai­ly — Bullish

• D1 Phase 2
• D1 Base formed with longer buy­ing wick
• Price trad­ing below D1 QHi after QHi rejection

Sen­ti­ment sum­ma­ry — Bullish

• Price is trad­ing high­er with­in MN sup­ply and is trad­ing above pre­vi­ous month’s body although still with­in range. Be alert for pos­si­ble sell­ers com­ing in.
• W1 QHi reject­ed but saw no fol­low-through. Instead a con­sol­i­da­tion and break high­er. Price has not (yet) closed with­in W1 Sup­ply and due to the W1 Three Out­side Momen­tum nature if price retraces to new­ly formed W1 demand it could sig­nal a the­sis for the oppo­site side ie. bear­ish sentiment. 
• D1 is show­ing some slow­down although no rever­sal pat­tern (yet) and could see fur­ther fol­low-through higher. 

Addi­tion­al notes

• Black­swan event
• East­er Monday

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • 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
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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