15 May Gold Week 20 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 pulled back but closed making a slight HH as a Hammer just below W1-C‑S 1847.500 (thus no close within supply)
- Price trading at W1 QHi after coming straight from W1 QLo
Daily — Slightly Bullish
- D1 Three Outside Up (giving D1-C‑D 1825.85) following a Bear Engulf reacting off D1-C‑S 1836.25 at D1 200MA in R closing within said supply
- Still have ways to go to take out D1 Supply
Sentiment summary — Slightly Bullish
- No continuation to D1 Bear Engulf could indicate a potential strength behind the move higher also indicated by the long buying wick on W1.
- If price can hold higher there is a higher likelihood of W1/D1 supply getting taken out (although still some way to go).
- If price retraces to newly formed D1-C‑D 1825.85 and holds below there could be a reversal. This would be in line with a possible W1 QHi reversal. Although due to MN Bull Engulf this could be negated. More information is needed.
- Price trading at D1 200MA could see fake outs.
ZOIs for Possible Shorts
- W1-C‑S 1847.500
- D1-C‑S 1836.250
ZOIs for Possible Long
- D1-C‑D 1825.85 (high in distribution curve)
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