Gold Week 6 Trading Plan

06 Feb Gold Week 6 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% with price cur­rent­ly trad­ing low­er although still 3 weeks to go into the can­dle close. 
• Pos­si­ble Phase 3

Week­ly — Slight­ly Bearish

• W1 Three Inside Down formed clos­ing with­in W1-C‑D 1839.109 at  W1 VWAP CAR form­ing a squeeze with W1 50MA in UT (didn’t close below). 
• Pos­si­ble W1 Phase 1 / 3 

Dai­ly — Slight­ly Bullish

• D1 DBD (D1-C‑S 1834.156 BASE) cre­at­ed arriv­ing clean at D1-C‑D 1787.150 with con­se­quent reac­tion clos­ing slight­ly below 50% retrace­ment clos­ing just above D1/W1 QLo.

H4 — Slight­ly Bullish

• H4 demand giv­ing H4-C‑D 1795.083 with con­sol­i­da­tion and Break high­er test­ing said demand once before con­tin­u­ing higher. 
• H4 VWAP in DT just above.

Mar­ket Pro­file — Imbalance

• Val­ues in DT with last val­ue area cre­at­ed just below the pre­vi­ous one

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Due to the big drop with a clean arrival we can see shorts cov­er­ing and per­haps get­ting ready to change the sen­ti­ment if we can fol­low up on the medi­um time frame push high­er reject­ing D1/W1 QLo. A deep close below tak­ing out W1 Demand End 1764.063 would ush­er in a longer term bear­ish sentiment.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.101
• D1-C‑S 1855.752
• D1-C‑S 1834.156 BASE

ZOIs for Pos­si­ble Long

• MN-C‑D 1876.079
• W1-C‑D 1839.109
• D1-C‑D 1784.150

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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