#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