Gold Week 12 Trading Plan

20 Mar Gold Week 12 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, 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 with­in last month’s body at its low with some reac­tion off MN VWAP in UT although still 1.5 weeks left into the close.

Week­ly — Bullish

• Last week closed as a W1 Three Out­side Up at W1-C‑D 1730

Dai­ly — Slight­ly Bullish

• Price con­firmed D1 swing by retrac­ing back to D1 Base Lev­el and is trad­ing mid-swing at VWAP in DT with some con­sol­i­da­tion deep into D1 supply. 

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Price trad­ed away from W1/D1 demand and reached D1 VWAP in DT. A break­out from this lev­el would be in line with a con­tin­u­a­tion to the W1 Three Out­side Up sig­nal­ing a change in trend espe­cial­ly if 1760 gets tak­en out. No break­out yet though. By retrac­ing to D1 Base lev­el there is poten­tial for a con­tin­ued move high­er to 1770 and 1800. Although no close on the month yet which could push price back fur­ther down. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1848.392
• D1-C‑S 1806
• D1-C‑S 1725.10 BASE

ZOIs for Pos­si­ble Long

• D1-C‑D 1707.500
• W1-C‑D 1730

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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