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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 — Neutral
- W1 QHi rejected but with no immediate follow-through
- Instead some consolidation
Daily — Bullish
- D1 QHi rejected with price trading mid swing
- Possible D1 Phase 1, price closing higher currently running into D1-C‑S 1957.358
Sentiment summary — Bullish
- MN has formed an Inverted Hammer and price is trading above last month’s body. There could possibly be a continuation higher.
- W1 is consolidating but no break from range (yet). Last week did close as a Bullish Inside Bar (being the 4th candle within formation, currently developing the 5th)
- D1 consolidation and break higher although still D1 supply in the way to clearly indicate direction.
Additional notes
- Blackswan event
- April 14th, metals and indices market closed
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