28 Nov Gold 2022 Week 48 Trading Plan

#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. 

Month­ly — Bearish

• Pos­si­ble MN Phase 4
• Price test­ed MN 50MA in UT and closed leav­ing a buy­ing wick
• Con­jec­ture: Price failed to close below MN 50MA in UT but did close below pre­vi­ous range low. As there is no rever­sal yet and MN QLo as well as the 1600 right below price could see a con­tin­u­a­tion and test these levels. 
• Price start­ed react­ing off MN 50MA in UT and is cur­rent­ly trad­ing above body, above range
• Price is start­ing to react off MN VWAP

Week­ly — Bearish

• W1 failed to close with­in W1-C‑S 1773.738. Instead price made an Inside Bar fol­lowed by a Hammer
• W1 QLo reject­ed, price trad­ing mid swing
• Con­jec­ture: W1 Broke out from VWAP and is trad­ing above and there is a pos­si­bil­i­ty for some accu­mu­la­tion before trad­ing higher.
• The Inside Bar fol­lowed by a Ham­mer could see anoth­er Drop

Dai­ly — Bearish

• D1 QHi reject­ed and price reversed giv­ing D1-C‑D 1741.147 Momen­tum and is cur­rent­ly test­ing D1 QHi again form­ing a Long-Legged Doji
• Con­jec­ture: D1 Three Out­side Up indi­cat­ed pos­si­ble momen­tum com­ing in but this dwin­dled quick­ly just below D1 QHi so if D1-C‑D 1741.147 gets test­ed price could see a continuation.
• If price can close with­in D1 QHi the oppo­site might be true.

Sen­ti­ment sum­ma­ry — Bearish

Addi­tion­al notes

• N.A. 

Focus Points for trad­ing development

• Month­ly Goals 
  • Use SL scaling

• Twit­ter
• Insta­gram