Gold Week 19 Trading Plan

08 May Gold Week 19 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
• Price has trad­ed high­er con­tin­u­ing on the Bull Engulf

Week­ly — Slight­ly Bullish

• Price has trad­ed high­er from W1-C‑D 1729.440 (coin­cid­ing with W1 LKC in UT after a VWAP BD) with last week break­ing out from W1 VWAP in DT (and clos­ing above pre­vi­ous flim­sy W1 Evening Star for­ma­tion) acti­vat­ing W1 swing
• Price arrived at W1 QHi and a near-touch of W1-C‑S 1847.50

Dai­ly — Slight­ly Bullish

• D1 Phase 1 (reac­cu­mu­la­tion) above D1 VWAP in UT clos­ing with­in D1 QHi with slight reac­tion off D1-C‑S 1836.25 near­ing D1 200MA in R

Sen­ti­ment sum­ma­ry — Neutral

• Even though price has trad­ed high­er it has also arrived at D1/W1 QHi as well as D1/W1 Sup­ply. Price has only react­ed a lit­tle off these lev­els so on the short to medi­um term there might be a con­tin­u­a­tion to the move high­er. If price takes out D1 Sup­ply End 1875.70 there could be a con­tin­u­a­tion to the move. How­ev­er due to trad­ing at D1/W1 sup­ply and D1 200MA in R as well there might be a lot of engage­ment from the sell side com­ing in but would need PA on D1 to con­firm a pos­si­ble short term reversal. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1847.50
• D1-C‑S 1836.25

ZOIs for Pos­si­ble Long

• D1-C‑D 1771.75
• W1-C‑D 1729.440
• 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 trust my trad­ing skills and take my exits accordingly”.
  • 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

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