Gold Week 17 Trading Plan

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This is my weekly outlook on GOLD. The levels that I will be looking at with 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. 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

• Price retraced and is trading above last month’s body and range (after reacting off MN VWAP in UT, 1st touch)  although no close of the month yet

Weekly – Neutral to Slightly Bullish

• Price broke higher at W1 demand (after rejecting W1 QLo) after some Phase 1 and reached W1 VWAP in DT, 1st touch. After which last week closed as a Doji/slight spinning top with slightly longer selling wick.

Daily – Slightly Bearish

• Price traded higher towards D1-C-S 1805.50 (no test yet, coinciding with D1 UKC in DT although having closed above before) forming a D1 Inside Bar and continuation down(closing below D1 QHi) to newly formed D1-C-D 1775.50 (although a bit high in the distribution curve) with some reaction closing above demand.

Sentiment summary – Neutral

•  W1 closed as a doji after a rally halting at W1 VWAP in DT which could be a set up for a RBR breaking out from said VWAP to form a W1 VWAP in DT BO. At the same time it could form a possible Evening star. More information is needed and I will adjust sentiment according throughout the coming week. D1 Has shown a possible reversal but due to a larger time frame slightly bullish sentiment this could just be a hiccup on the way higher as we did reject W1 QLo before. 

Additional notes

• N.A.

ZOIs for Possible Shorts

• D1-C-S 1805.50

ZOIs for Possible Long

• D1-C-D 1775.50
• D1-C-D 1741.50

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Feeling okay with NOT trading
  • Have ‘quieter’ weekends
• Weekly Goal
  • Min. 3 times hitting the gym + mandatory cardio
  • Only trade the main account
  • Be mindful of DTTZs
  • Only price-action based exit rules (or hit time stop)
  • M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
• 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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