05 Jun Gold Week 23 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 — Slightly Bullish
- Price traded higher (and closed on its high) from the Bull Engulf in April arriving at MN QHi
- No arrival at MN-C‑S 1965.700 yet
- Some reaction off MN QHi
Weekly — Neutral
- Last week closed as a W1 Bearish Inside Bar (after having made a HH) however with long buying wick closing within W1 QHi, Supply
Daily — Slightly Bearish
- D1 Consolidation and strong finisher breakdown giving D1-C‑S 1899.150 closing below D1 QHi testing D1 VWAP in UT before forming a Bullish Inside Bar closing slightly within D1 QHi slightly testing newly formed D1-C‑S 1899.150
Sentiment summary — Slightly Bearish
- Price arrived at MN QHi nearing MN supply
- Price trading within W1 Supply and W1 QHi (although no close below QHi yet) and even though last week closed as a Bearish Inside bar it left a long buying wick indicating buyers are still present.
- D1 Consolidated within W1 Supply and broke down rejecting D1 QHi indicating a possible shift in sentiment on the larger timeframe although price is still trading above D1 VWAP in UT.
ZOIs for Possible Shorts
- MN-C‑S 1965.700
- D1-C‑S 1899.150
- W1-C‑S 1890.750
ZOIs for Possible Long
- D1-C‑D 1825.600
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Min. 3 times working out at home + mandatory cardio
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING