Gold – Week 49 Trading Plan

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This is my weekly outlook on the 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 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 – Bearish

• MN Three Outside Down giving MN-C-S 1968.255 with consequent DBD (MN-C-S 1877.471 BASE) follow-through at testing the newly formed C-Sup once last month leaving a longer selling wick behind.

Weekly – Slightly Bearish

• Multiple tests of W1-C-S 1982.552 with a W1 VWAP Break Down forming new supply beneath giving new W1-C-S 1888.729 (just above MN BASE). Follow-through down with W1 50MA being reactive and no arrival at W1-C-D 1729.266 (yet).

Daily – Slightly Bullish

• Clean arrival at D1-C-D 1763.778 (below D1 200MA, first test) with reaction forming new demand through Bull Engulf giving D1-C-D 1786.586 crossing over D1-C-S 1808.303 BASE. 
• Price still below D1 VWAP although over-extended

H4 – Slightly Bullish

• H4 Bull Engulf during the rally giving H4-C-D 1811.027 followed by a clean arrival at H4-C-S 1835.600 (UKC in DT after H4 VWAP BO) and initial reaction.

Market Profile – Imbalance

• Profiles sloping higher

Sentiment summary – Slightly Bullish

• Even though larger timeframes look bearish we just hit the W1 50MA in UT which is reactive. Price returning to D1-C-S 1863.006 BASE indicates a further bullish sentiment on short to medium term horizon. Possible transition into a new W1 demand around these levels if we close out the week trading higher. 

Additional notes

• N.A.

ZOIs for Possible Shorts

• W1-C-S 1982.552
• MN-C-S 1968.255
• MN-C-S 1877.471 BASE
• D1-C-S 1863.006 BASE

ZOIs for Possible Long

• D1-C-D 1786.586
• D1-C-D 1763.778
• W1-C-D 1729.266

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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