Gold XAUUSD — Week 28 Trading Plan

04 Jul Gold XAUUSD — Week 28 Trading Plan

#day­trade #day­trad­ing #forex #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #Gold #XAUUSD 

This is my week­ly out­look on Gold (XAUUSD). 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 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

• Last month closed well above the pre­ced­ing month div­ing deep­er into sup­ply (and formed a long buy­ing wick) and near­ing Q1 Swing high from Octo­ber 2012

Week­ly — Neutral

• Price closed with­in week­ly sup­ply (W1-C‑S 1754.255) after hav­ing formed demand at W1-C‑D 1729.331
• Price is near­ing month­ly swing high although last week closed as a doji
• Price con­sis­tent­ly above VWAP

Dai­ly — Neutral

• D1 Bear Engulf formed with con­ter­mi­nous D1-C‑S 1773.280 but no fol­low through yet. Pos­si­ble DBD but need a break from con­sol­i­da­tion to con­firm direc­tion. Cur­rent­ly it’s a con­sol­i­da­tion with Friday’s body with­in the pre­ced­ing bar.

H4 — Neutral

• Big rejec­tion of LKC coin­cid­ing with H4 QLo in an uptrend cre­at­ing demand with con­ter­mi­nous H4-C‑D 1772.157. Fol­lowed by con­sol­i­da­tion cre­at­ing a tight range between sup­ply and demand.

Mar­ket Pro­file — Neutral

• Over­all mar­ket bracketing

Sen­ti­ment sum­ma­ry — Neutral

• The Dai­ly con­sol­i­da­tion needs a break to get a bet­ter under­stand­ing of short to medi­um term direc­tion. Will need to gauge intra­day sen­ti­ment for fur­ther clues on this. 

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1773.280
• W1-C‑S 1754.255
• H4-C‑S 1782.723

ZOIs for Pos­si­ble Long

• D1-C‑D 1763.760
• H4-C‑D 1772.157

Focus Points for trad­ing development

• Week­ly Goal
  • Cor­rect posi­tion sizing
• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Trad­ing Priority
    • FX pair out­side value
    • FX pair inside > Gold
    • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
  • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING