Gold Week 2 Trading Plan

11 Jan 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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