21 Feb Gold 2022 Week 8 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, 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
- The month closed down within MN Supply and range tested a Base demand level
- MN QHi rejected
- Price is trading above last month’s body and range within MN supply
- Possible developing MN RBR (still one week left) nearing MN QHi
Weekly — Bullish
- Price closed higher within wide W1 QHi and W1-C‑S 1891
- No reversal pattern (yet)
Daily — Bullish
- Price formed a Hammer reacting off D1-C‑S 1903.50
- Price trading within wide D1 QHi
- No reversal pattern (yet)
Sentiment summary — Bearish
- Price is nearing MN QHi again after having confidently rejected it, it is developing a possible RBR. If there is no continuation after the candle close (at month’s end) and price returns to new MN C‑dem it could signal the beginning of the move lower.
- Price trading within W1 QHi although no reversal pattern (yet) there could be sellers coming in
- Price started reacting off D1 C‑sup although no confirmed reversal pattern yet
Additional notes
- N.A.
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
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