25 Apr Gold Week 17 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 Bearish
- Price retraced and is trading above last month’s body and range (after reacting off MN VWAP in UT, 1st touch) although no close of the month yet
Weekly — Neutral to Slightly Bullish
- Price broke higher at W1 demand (after rejecting W1 QLo) after some Phase 1 and reached W1 VWAP in DT, 1st touch. After which last week closed as a Doji/slight spinning top with slightly longer selling wick.
Daily — Slightly Bearish
- Price traded higher towards D1-C‑S 1805.50 (no test yet, coinciding with D1 UKC in DT although having closed above before) forming a D1 Inside Bar and continuation down(closing below D1 QHi) to newly formed D1-C‑D 1775.50 (although a bit high in the distribution curve) with some reaction closing above demand.
Sentiment summary — Neutral
- W1 closed as a doji after a rally halting at W1 VWAP in DT which could be a set up for a RBR breaking out from said VWAP to form a W1 VWAP in DT BO. At the same time it could form a possible Evening star. More information is needed and I will adjust sentiment according throughout the coming week. D1 Has shown a possible reversal but due to a larger time frame slightly bullish sentiment this could just be a hiccup on the way higher as we did reject W1 QLo before.
ZOIs for Possible Shorts
- D1-C‑S 1805.50
ZOIs for Possible Long
- D1-C‑D 1775.50
- D1-C‑D 1741.50
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
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or hit time stop)
- M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- 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