Gold Week 7 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. 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 to Neutral

• 3rd test of W1 50MA with a squeeze form­ing between W1 50MA and W1 VWAP
• Last week retraced and test­ed new­ly formed W1-C‑S 1847.890 (2nd chance) and closed as an Inside Bar with longer sell­ing wick react­ing off W1 QLo. Would need anoth­er week to com­plete a bear­ish or bull­ish formation. 

Dai­ly — Slight­ly Bearish

• D1 Bear Engulf giv­ing D1-C‑S 1836.153 with some fol­low-through clos­ing as a ham­mer with long buy­ing wick react­ing off W1/D1 QLo and D1-C‑D 1814.024

H4 — Neutral

• Some reac­tion off H4 QLo turned into a consolidation

Sen­ti­ment sum­ma­ry — Neutral

• Due to mul­ti­ple tests of under­ly­ing W1 demand as well as W1 50MA (com­bined with inabil­i­ty to close above W1 VWAP) I am slight­ly more bear­ish. How­ev­er, due to price hav­ing trou­ble to close below afore­men­tioned lev­els I am still wait­ing for a bet­ter long term direc­tion­al clue. With price adher­ing to the W1 range we can still trade off these lev­els intra­day. If 1764.835 gets tak­en out we could see such long term bear­ish sen­ti­ment. The con­trary would be the case if we take out 1876.079 although we would be met with more sup­ply overhead. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.101
• D1-C‑S 1855.752
• W1-C‑S 1847.890
• D1-C‑S 1836.153

ZOIs for Pos­si­ble Long

• MN-C‑D 1876.079
• W1-C‑D 1839.109
• D1-C‑D 1814.024
• D1-C‑D 1787.150

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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