05 Dec 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.
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