#fintwit #XAUUSD #GOLD #MarketProfile #Orderflow
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
- MN Bear Engulf giving MN-C‑S 1905.787 rejecting MN QHi
- Price continued to close down but reacted off MN demand leaving a longer buying wick closing above MN demand
- Conjecture: Even though MN closed down rejecting MN QHi, the longer buying wick not closing within demand indicates buyers could still be around and some retracement higher is possible.
Weekly — Bullish
- W1 Bullish Inside Bar at W1 QLo with no real continuation, instead some consolidation
- Conjecture: W1 QLo is technically rejected although there is some consolidation it could just be a speedbump before closing higher.
Daily — Neutral
- D1 Three Outside Up giving D1-C‑D 1847.148 breaking out from D1 VWAP in DT
- Followed by a Bearish Inside Bar testing newly formed demand
- D1 QLo rejected, price trading mid swing
- Conjecture: D1 Three Outside Up closed above previous range and far above D1 VWAP. Price then reversed and closed as a Bearish Inside Bar although failing to close within newly formed demand. Price could see a move higher unless price manages to close within demand or better take it out.
Sentiment summary — Neutral
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