Gold Week 3 Trading Plan

17 Jan Gold Week 3 Trading Plan

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This is my week­ly out­look on GOLD. Basi­cal­ly the lev­els that I will be look­ing at where it has 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 through mar­ket pro­file. 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 — Slight­ly Bullish

• MN Bull Engulf giv­ing MN-C‑D 1877.953 last month with price cur­rent­ly trad­ing with­in said demand

Week­ly — Bearish

• W1 Bear Engulf at W1 VWAP in UT CAR (BD and test of VWAP)
• Some con­tin­u­a­tion to the move last week clos­ing slight­ly with­in W1 demand
• Price still above W1 50MA in UT
• Price trad­ing above W1 QLo after one test already

Dai­ly — Bearish

• D1 Bear­ish Inside Bar with con­tin­u­a­tion through Base and Drop clos­ing well with­in D1 demand
• Near D1 QLo

H4 — Bearish

• Evening Star and con­tin­u­a­tion down at H4 VWAP in DT
• Price trad­ing above H4 QLO but no arrival yet

Mar­ket Pro­file — Imbalance

•  Price below over­all brack­et­ing range

Sen­ti­ment sum­ma­ry — Imbalance

• Even though price is trad­ing with­in D1/W1 demand the demand is still intact so push back can be expect­ed. If demand gets tak­en out how­ev­er we might see a fur­ther push down to 1786 and 1730 longer term. As always we need price action and pro­file sen­ti­ment to align to trade intra­day. Long­ing at these lev­els would be less riski­er but that doesn’t mean we won’t go short. 

Addi­tion­al notes

• Thurs­day: Pres­i­dent-Elect Biden Speaks

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.402

ZOIs for Pos­si­ble Long

• MN-C‑D 1877.953
• W1-C‑D 1839.109
• D1-C‑D 1786.791
• W1-C‑D 1730.355

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym + manda­to­ry cardio
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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