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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