01 Jan 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.
- 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