Gold Week 3 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 Bullish

• MN Bull Engulf giving MN-C-D 1877.953 last month with price currently trading within said demand

Weekly – Bearish

• W1 Bear Engulf at W1 VWAP in UT CAR (BD and test of VWAP)
• Some continuation to the move last week closing slightly within W1 demand
• Price still above W1 50MA in UT
• Price trading above W1 QLo after one test already

Daily – Bearish

• D1 Bearish Inside Bar with continuation through Base and Drop closing well within D1 demand
• Near D1 QLo

H4 – Bearish

• Evening Star and continuation down at H4 VWAP in DT
• Price trading above H4 QLO but no arrival yet

Market Profile – Imbalance

•  Price below overall bracketing range

Sentiment summary – Imbalance

• Even though price is trading within D1/W1 demand the demand is still intact so push back can be expected. If demand gets taken out however we might see a further push down to 1786 and 1730 longer term. As always we need price action and profile sentiment to align to trade intraday. Longing at these levels would be less riskier but that doesn’t mean we won’t go short. 

Additional notes

• Thursday: President-Elect Biden Speaks

ZOIs for Possible Shorts

• W1-C-S 1889.402

ZOIs for Possible Long

• MN-C-D 1877.953
• W1-C-D 1839.109
• D1-C-D 1786.791
• W1-C-D 1730.355

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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