Gold Week 16 Trading Plan

17 Apr Gold Week 16 Trading Plan

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #Gold #XAUUSD 

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 — Slight­ly Bearish

• Trad­ing above last month’s can­dle at MN VWAP in UT but no close yet
• Mid MN Swing

Week­ly — Slight­ly Bullish

• W1 Con­sol­i­da­tion and BO near­ing W1 VWAP in DT
• Mid W1 swing

Dai­ly — Slight­ly Bullish

• D1 sup­ply tak­en out after a con­sol­i­da­tion and strong fin­ish­er at D1-C‑D 1741.470 touch­ing D1 QHi
• D1 VWAP in DT BO to D1 UKC in DT CAR at D1 QHi
• Pos­si­ble D1 Phase 2
• Test of D1 QHi

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• W1 and D1 look bull­ish although due to price arriv­ing at D1 QHi there could be some reac­tion. Over­all the trend is up and price recent­ly took out D1 demand and closed above D1 50MA in DT (tech­ni­cal­ly a BO). Due to this the D1 QHi could poten­tial­ly be weak­er and in the end get tak­en out. Before that hap­pens I expect some sell­ing pres­sure could be com­ing in per­haps after a test of D1-C-S1805.718. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1805.718

ZOIs for Pos­si­ble Long

• D1-C‑D 1741.470
• W1-C‑D 1730.366

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym + manda­to­ry cardio
  • Only trade the main account
  • Be mind­ful of DTTZs
  • Only price-action based exit rules (or hit time stop)
  • M15/M30 com­bi­na­tion at 1st DTTZ, M5 entries and exits at 2nd DTTZ
• 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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