Gold 2022 Week 2 Trading Plan

08 Jan Gold 2022 Week 2 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, please 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

• Last month closed as a Bull Engulf / RBR giv­ing MN-C‑D 1780.536
• Price did not close with­in MN-C‑S 1848.366 and did not break the range high of the pre­vi­ous month
• MN QHi reject­ed and price trad­ing mid swing
• Price is trad­ing with­in last month’s body and test­ed MN-C‑D 1780.536

Week­ly — Bearish

• Last week closed as a W1 Bear­ish Engulfing
• W1 QHi reject­ed and price trad­ing mid swing

Dai­ly — Bullish

• D1 Three Out­side Down giv­ing D1-C‑S 1810.196 return­ing to QLo (after D1 QLo rejec­tion) and formed an Inside Bar with longer buy­ing wick tak­ing out demand and react­ing off QLo

Sen­ti­ment sum­ma­ry — Bearish

• MN is com­ing from QHi rejec­tion and is trad­ing mid swing with­in MN sup­ply although new demand has been cre­at­ed and price could start react­ing more
• W1 Bear Engulf indi­cat­ing more down­side as well as com­ing from a QHi rejection
• D1 has not com­plet­ed a full bull­ish rever­sal pat­tern although cre­at­ed an inside bar with long buy­ing wick react­ing off D1 QLo and could see follow-through.

Addi­tion­al notes

• Gold sta­tis­ti­cal­ly ends high­er in Decem­ber / January
• Watch out for tighter ranges

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1848.366
• D1-C‑S 1810.196

ZOIs for Pos­si­ble Long

• MN-C‑D 1780.536
• W1-C‑D 1763.632

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 2R 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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