Gold Week 2 Trading Plan

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This is my weekly outlook on GOLD. Basically the levels that I will be looking at where it has 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 through market profile. 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 giving MN-C-D 1877.953

Weekly – Slightly Bearish

• 2nd retest of MN-C-S 1965.782 closing as a Bear Engulf after having traversed deeper into overhead W1-C-S 1889.402 closing above W1-C-D 1839.109 with minor reaction
• Possible W1 VWAP in UT BD CAS
• Arrived at W1 QLo and reactive

Daily – Neutral to Slightly Bullish

• Quick move down from D1W1 QHi to QLo currently reacting off QLo although no immediate demand present until D1-C-D 1786.791

Market Profile – Imbalance

• Value areas in DT  

Sentiment summary – Imbalance

• Due to having reached D1/W1 QLo we can see some reaction and trading within newly formed MN demand would increase the probability of an upward pressure (Still 3 weeks left in the candle to read anything significant off that). Although we might see some continuation down on the short to medium term. If we can take out W1-C-D 1839.109 would negate the longer term bullish sentiment. 

Additional notes

• N.A.

ZOIs for Possible Shorts

• W1-C-S 1889.402
• H4-C-S 1894.209
• D1-C-S 1881.380

ZOIs for Possible Long

• MN-C-D 1877.953
• W1-C-D 1839.109
• D1-C-D 1786.791

Focus Points for trading development

• Monthly Goals
  • Continue tracking my DRC tracking sheet
  • Focus on my own progress and less on others
  • Feeling okay with NOT trading
  • Have ‘quieter’ weekends
• Weekly Goal
  • Min. 3 times hitting the gym + mandatory cardio
• 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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