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11 Jan Gold Week 2 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 — Bullish
- MN Bull Engulf giving MN-C‑D 1877.953
Weekly — Slightly Bearish
- 2nd retest of MN-C‑S 1965.782 closing as a Bear Engulf after having traversed deeper into overhead W1-C‑S 1889.402 closing above W1-C‑D 1839.109 with minor reaction
- Possible W1 VWAP in UT BD CAS
- Arrived at W1 QLo and reactive
Daily — Neutral to Slightly Bullish
- Quick move down from D1W1 QHi to QLo currently reacting off QLo although no immediate demand present until D1-C‑D 1786.791
Market Profile — Imbalance
- Value areas in DT
Sentiment summary — Imbalance
- Due to having reached D1/W1 QLo we can see some reaction and trading within newly formed MN demand would increase the probability of an upward pressure (Still 3 weeks left in the candle to read anything significant off that). Although we might see some continuation down on the short to medium term. If we can take out W1-C‑D 1839.109 would negate the longer term bullish sentiment.
Additional notes
- N.A.
ZOIs for Possible Shorts
- W1-C‑S 1889.402
- H4-C‑S 1894.209
- D1-C‑S 1881.380
ZOIs for Possible Long
- MN-C‑D 1877.953
- W1-C‑D 1839.109
- D1-C‑D 1786.791
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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