Gold Week 21 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 — Bullish

• MN Bull Engulf at MN VWAP in UT TC giv­ing MN-C‑D 1738.50
• Price has trad­ed high­er con­tin­u­ing on the Bull Engulf trad­ing with­in MN Supply

Week­ly — Slight­ly Bullish

• Price trad­ed high­er in a RBR clos­ing below W1-C‑S 1889.818 and W1 QHi

Dai­ly — Slight­ly Bullish

• D1 closed high­er after tak­ing out D1 Sup­ply cur­rent­ly trad­ing below D1 QHi 

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Even though price trad­ed high­er after tak­ing out D1 Sup­ply price is still trad­ing below W1/D1 QHi and W1 Sup­ply and is slow­ing down. Price has test­ed W1 Sup­ply and D1/W1 QHi 3 times but still man­aged to close high­er so unless D1 clos­es below the cur­rent for­ma­tion there could be a con­tin­u­a­tion to the move. Hav­ing arrived at this large W1 Sup­ply going long is riski­er although with near­ing MN QHi there could be a con­tin­u­a­tion to the move first before revers­ing. More trad­ing data is need­ed before con­firm­ing a Reversal. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.818

ZOIs for Pos­si­ble Long

• D1-C‑D 1825.85 

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
  • Aim to have a min­i­mum of ONE TRADE per trad­ing day
• Trad­ing Rules
  • Be mind­ful of DTTZs
  • Only price-action based exit rules (or hit time stop)
    • IF NOT… I will do a Bart Simp­sons exer­cise of 7 days, 50 sen­tences of: “I will trust my trad­ing skills and take my exits accordingly”.
  • M15/M30 com­bi­na­tion at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • At least 1 trade with 1% risk, 2nd trade only if first one worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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