Gold Week 18 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 – Bullish

• MN Bull Engulf at MN VWAP in UT TC giving MN-C-D 1738.50

Weekly – Slight Bearish

• Weak W1 Evening Star giving W1-C-S 1775 at W1 VWAP in DT
• Mid W1 swing after QLO got rejected last month

Daily – Slightly Bearish

• Possible D1 Phase 3 at D1 QHi although some buyers around indicated by longer buying wicks

Sentiment summary – Slightly Bearish

• Last month closing as a Bull Engulf reacting off MN VWAP in UT TC gives a larger timeframe bullish sentiment although it could have just been the initial reaction off VWAP in UT. 
• W1 is showing a flimsy Evening Star at W1 VWAP in DT TC and puts selling pressure for the short term. Possibly to a test of newly formed MN-C-D 1738.5
• D1 is showing a possible Phase 3 after a rally and as such indicating a possible reversal. Although there are longer buying wicks around and trading above D1 VWAP in UT

Additional notes

• Non-Farm Friday on May 7th

ZOIs for Possible Shorts

• W1-C-S 1775

ZOIs for Possible Long

• MN-C-D 1738.5

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
  • Aim to have a minimum of ONE TRADE per trading day
• Trading Rules
  • Be mindful of DTTZs
  • Only price-action based exit rules (or hit time stop)
    • IF NOT… I will do a Bart Simpsons exercise of 7 days, 50 sentences of: “I will follow my hard exit rule of a minimum M15 close”.
  • M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Trade from D and upwards unless a possible momentum trade, value acceptance or otherwise. 
• Risk Management
  • At least 1 trade with 1% risk, 2nd trade only if first one worked out
  • Capital Preservation during drawdown allows for 1R profit-taking
  • 2 consecutive days of lack of sleep = NO TRADING

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