Gold Week 17 Trading Plan

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. 

Addi­tion­al notes

• N.A.

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

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