Gold Week 10 Trading Plan

06 Mar Gold Week 10 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. 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

• Month closed down tak­ing out demand form­ing a Three Out­side Down giv­ing MN-C‑S 1848.392
• Price trad­ing below last month’s body close

Week­ly — Bearish

• W1 Phase 4 clos­ing deep­er into W1-C‑D 1730 not (yet) tak­ing out W1 Demand End 1671.5
• Mid-swing

Dai­ly — Slight­ly Bearish

• D1 DBD with base giv­ing D1-C‑S 1725.10 fol­lowed by con­tin­u­a­tion low­er and some­what clean arrival at D1-C‑D 1693 with Fri­day clos­ing as an Inside Bar with equal­ly long buying/selling wicks. 
• Mid-swing

Sen­ti­ment sum­ma­ry — Bearish

• D1/W1 phase 4 still in effect although due to D1 clos­ing as an Inside Bar at D1 demand price could push high­er. If price takes out W1 Demand End 1671.5 price could see a con­tin­u­a­tion low­er although it would near MN VWAP in UT thus after tak­ing out demand price could encounter more buy­ers com­ing in. Medi­um and larg­er time­frame show no revers­ing for now though. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1848.392
• D1-C‑S 1806

ZOIs for Pos­si­ble Long

• W1-C‑D 1730
• D1-C‑D 1693

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Take a break from cer­tain com­po­nents of social media
  • 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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