Gold Week 18 Trading Plan

01 May Gold Week 18 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 — Bullish

• MN Bull Engulf at MN VWAP in UT TC giv­ing MN-C‑D 1738.50

Week­ly — Slight Bearish

• Weak W1 Evening Star giv­ing W1-C‑S 1775 at W1 VWAP in DT
• Mid W1 swing after QLO got reject­ed last month

Dai­ly — Slight­ly Bearish

• Pos­si­ble D1 Phase 3 at D1 QHi although some buy­ers around indi­cat­ed by longer buy­ing wicks

Sen­ti­ment sum­ma­ry — Slight­ly Bearish

• Last month clos­ing as a Bull Engulf react­ing off MN VWAP in UT TC gives a larg­er time­frame bull­ish sen­ti­ment although it could have just been the ini­tial reac­tion off VWAP in UT. 
• W1 is show­ing a flim­sy Evening Star at W1 VWAP in DT TC and puts sell­ing pres­sure for the short term. Pos­si­bly to a test of new­ly formed MN-C‑D 1738.5
• D1 is show­ing a pos­si­ble Phase 3 after a ral­ly and as such indi­cat­ing a pos­si­ble rever­sal. Although there are longer buy­ing wicks around and trad­ing above D1 VWAP in UT

Addi­tion­al notes

• Non-Farm Fri­day on May 7th

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1775

ZOIs for Pos­si­ble Long

• MN-C‑D 1738.5

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
  • Aim to have a min­i­mum of ONE TRADE per trad­ing day
• Trad­ing Rules
  • Be mind­ful of DTTZs
  • Only price-action based exit rules (or hit time stop)
    • IF NOT… I will do a Bart Simp­sons exer­cise of 7 days, 50 sen­tences of: “I will fol­low my hard exit rule of a min­i­mum M15 close”.
  • M15/M30 com­bi­na­tion at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • At least 1 trade with 1% risk, 2nd trade only if first one worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

• Twit­ter
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