Gold Week 22 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 Bullish

• Price traded higher (and closed on its high) from the Bull Engulf in April arriving at MN QHi
• No arrival at MN-C-S 1965.700 yet

Weekly – Slightly Bullish

• W1 Phase 2 arriving within W1 QHi and W1-C-S 1890.750 with last week trading higher

Daily – Slightly Bullish

• Price arrived at D1 QHI and started consolidating then closing higher giving D1-C-D 1897 (at D1 QHi) although high in distribution curve

Sentiment summary – Slightly Bullish

• Price has reached MN/W1/D1 QHi but has not shown any reversal pattern (yet)
• Trading higher into W1 supply is risky
• If price can close below /W1 QHi and take out D1 demand it could be the end of the uptrend

Additional notes

• Nonfarm Friday

ZOIs for Possible Shorts

• MN-C-S 1965.700
• W1-C-S 1890.750

ZOIs for Possible Long

• D1-C-D 1897

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 trust my trading skills and take my exits accordingly”.
  • 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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