03 Dec 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.
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