Gold Week 1 Trading Plan

First day of the year. Second weekly trading plan. Let’s go!

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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 – Bullish

• MN Bull Engulf giving MN-C-D 1877.953

Weekly – Slightly Bullish to Neutral

• RBR giving W1-C-D 1839.109 followed by another base with equal buying and selling wicks reacting off W1-C-S 1889.402 and a move slightly higher
• Nearing W1 QHi

Daily – Neutral

• Potential Phase 3 although price traded deeper into D1-C-S 1881.380 
• Trading within D1 QHi

H4 – Neutral

• Third time testing H4-C-S 1894.209 closing with a big Inside bar retracing almost all of the move deeper into supply.

Market Profile – Moderate Imbalance

• After a 4 day bracketing range price traded higher

Sentiment summary – Balancing

• Due to price trading within D1 QHi and nearing the W1 QHi we could see a reversal. If we take out D1-C-S 1881.380 we could potentially see a move higher which would be in line with larger time frame sentiment. Opposite sentiment if underlying demand with C-line coinciding with MN-C-D 1877.953 gets taken out.

Additional notes

• Non-farm on Friday

ZOIs for Possible Shorts

• W1-C-S 1889.402
• H4-C-S 1894.209
• D1-C-S 1881.380

ZOIs for Possible Long

• MN-C-D 1877.953
• W1-C-D 1839.109

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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