20 Mar Gold Week 12 Trading Plan
#Fintwit #Orderflow #daytrading #daytrade #forex #FX #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #Gold #XAUUSD
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 — Bearish
- Month closed down taking out demand forming a Three Outside Down giving MN-C‑S 1848.392
- Price trading within last month’s body at its low with some reaction off MN VWAP in UT although still 1.5 weeks left into the close.
Weekly — Bullish
- Last week closed as a W1 Three Outside Up at W1-C‑D 1730
Daily — Slightly Bullish
- Price confirmed D1 swing by retracing back to D1 Base Level and is trading mid-swing at VWAP in DT with some consolidation deep into D1 supply.
Sentiment summary — Slightly Bullish
- Price traded away from W1/D1 demand and reached D1 VWAP in DT. A breakout from this level would be in line with a continuation to the W1 Three Outside Up signaling a change in trend especially if 1760 gets taken out. No breakout yet though. By retracing to D1 Base level there is potential for a continued move higher to 1770 and 1800. Although no close on the month yet which could push price back further down.
ZOIs for Possible Shorts
- MN-C‑S 1848.392
- D1-C‑S 1806
- D1-C‑S 1725.10 BASE
ZOIs for Possible Long
- D1-C‑D 1707.500
- W1-C‑D 1730
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Continue tracking my DRC tracking sheet
- Focus on my own progress and less on others
- Take a break from certain components of social media
- 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