Gold XAUUSD – Week 28 Trading Plan

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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