Gold Week 50 Trading Plan

#Fintwit #Orderflow #daytrading #daytrade #forex #FX #Forextrader #Forexlifestyle #weeklytradingplan #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #Gold #XAUUSD 

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 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.
  • Currently retracing last month’s body over 50% but far from a close as we just started the month

Weekly – Neutral

• 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).
  • Instead last week closed as an Inside Bar retracing more than 50%

Daily – Neutral

• 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 closed Friday as an Inside Bar with equal selling/buying wicks at D1 VWAP in DT
• Price still below D1 VWAP although over extended

H4 – Neutral

• Possible H4 Phase 3  with H4 Bear Engulf without follow-through having created supply on top of demand.
• Price still above H4 VWAP in UT

Market Profile – Balancing

• 2 day bracketing range after UT

Sentiment summary – Neutral

• Medium time frames showing a price balancing after a rally with the possibility for the market to take a breather before continuing. As always we don’t know until the market leads us into a direction. 

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

• Twitter
• Instagram