Gold Week 5 Trading Plan

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This is my weekly outlook on 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 order flow through 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 – Slightly Bearish

• MN-C-D 1876.079 formed through Bull Engulf in December with no follow-through. Instead a test and reaction off MN-C-S 1965.605 (2nd test, first in November). Month of January closing down within MN demand although not retracing more than 50%.
• Possible Phase 3

Weekly – Neutral

• W1 Bull Engulf at W1-C-D 1838.170 with no follow-through. Instead a spinning top with slightly longer selling wick reacting off W1 VWAP CAR and nearby W1-C-S 1889.101
• Possible W1 Phase 1 / 3 

Daily – Neutral

• Possible D1 Phase 1 with price trading below VWAP in R, mid KC in R and W1 Q swing

H4 – Slightly Bullish

• H4 demand created at H4-C-D 1848.932 with supply formed at H4-C-S 1858.434 through Three Outside Down
• Possible Phase 1 / 3

Market Profile – Balancing

• Huge value created above previous 2-day bracket

Sentiment summary – Neutral

• Due to larger time frame balancing (but still showing a UT) we would need to have a break from the overall range before determining a directional bias although there is a nod to the downside. Medium time frame confirms a non-committed directional market for the time-being.

Additional notes

• Friday: non-farm

ZOIs for Possible Shorts

• W1-C-S 1889.101
• H4-C-S 1858.434

ZOIs for Possible Long

• MN-C-D 1876.079
• W1-C-D 1838.170

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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