Gold Week 6 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 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

• W1 Three Inside Down formed closing within W1-C-D 1839.109 at  W1 VWAP CAR forming a squeeze with W1 50MA in UT (didn’t close below). 
• Possible W1 Phase 1 / 3 

Daily – Slightly Bullish

• D1 DBD (D1-C-S 1834.156 BASE) created arriving clean at D1-C-D 1787.150 with consequent reaction closing slightly below 50% retracement closing just above D1/W1 QLo.

H4 – Slightly Bullish

• H4 demand giving H4-C-D 1795.083 with consolidation and Break higher testing said demand once before continuing higher. 
• H4 VWAP in DT just above.

Market Profile – Imbalance

• Values in DT with last value area created just below the previous one

Sentiment summary – Slightly Bullish

• Due to the big drop with a clean arrival we can see shorts covering and perhaps getting ready to change the sentiment if we can follow up on the medium time frame push higher rejecting D1/W1 QLo. A deep close below taking out W1 Demand End 1764.063 would usher in a longer term bearish sentiment.

Additional notes

• N.A.

ZOIs for Possible Shorts

• W1-C-S 1889.101
• D1-C-S 1855.752
• D1-C-S 1834.156 BASE

ZOIs for Possible Long

• MN-C-D 1876.079
• W1-C-D 1839.109
• D1-C-D 1784.150

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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