Gold Week 5 Trading Plan

01 Feb Gold Week 5 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 — Slight­ly Bearish

• MN-C‑D 1876.079 formed through Bull Engulf in Decem­ber with no fol­low-through. Instead a test and reac­tion off MN-C‑S 1965.605 (2nd test, first in Novem­ber). Month of Jan­u­ary clos­ing down with­in MN demand although not retrac­ing more than 50%.
• Pos­si­ble Phase 3

Week­ly — Neutral

• W1 Bull Engulf at W1-C‑D 1838.170 with no fol­low-through. Instead a spin­ning top with slight­ly longer sell­ing wick react­ing off W1 VWAP CAR and near­by W1-C‑S 1889.101
• Pos­si­ble W1 Phase 1 / 3 

Dai­ly — Neutral

• Pos­si­ble D1 Phase 1 with price trad­ing below VWAP in R, mid KC in R and W1 Q swing

H4 — Slight­ly Bullish

• H4 demand cre­at­ed at H4-C‑D 1848.932 with sup­ply formed at H4-C‑S 1858.434 through Three Out­side Down
• Pos­si­ble Phase 1 / 3

Mar­ket Pro­file — Balancing

• Huge val­ue cre­at­ed above pre­vi­ous 2‑day bracket

Sen­ti­ment sum­ma­ry — Neutral

• Due to larg­er time frame bal­anc­ing (but still show­ing a UT) we would need to have a break from the over­all range before deter­min­ing a direc­tion­al bias although there is a nod to the down­side. Medi­um time frame con­firms a non-com­mit­ted direc­tion­al mar­ket for the time-being.

Addi­tion­al notes

• Fri­day: non-farm

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.101
• H4-C‑S 1858.434

ZOIs for Pos­si­ble Long

• MN-C‑D 1876.079
• W1-C‑D 1838.170

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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