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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 within last month’s body and MN QHi
Weekly — Bearish
- Price pushed higher into W1 QHi and W1 Supply before reacting and closing down within newly formed W1 Demand (High in Dist. Curve) as a W1 Bear Engulf.
Daily — Bearish
- D1 QHi rejection to consolidation and break down continuation giving D1-C‑S 1951.264 DBD
- D1 Phase 4
Sentiment summary — Bearish
- MN formed an Inverted Hammer which could see follow-through. Although price has been reacting off MN Supply and is trading within MN QHi
- W1 tried breaking higher through a W1 Three Outside Up, but price failed to close higher. Instead reversed to and closed within newly formed W1 demand but did not take it out. If price fails to take out demand it could be a W1 Phase 1 / 3.
- D1 saw a speedbump and continued lower although not taking out D1 demand (yet)
Additional notes
- Blackswan event
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