Gold Week 20 Trading Plan

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.

Addi­tion­al notes

• N.A.

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

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