Gold Week 51 Trading Plan - Bear Market Trader
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Gold Week 51 Trading Plan

Gold Week 51 Trading Plan

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #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

  • Devel­op­ing pos­si­ble Inside Bar (hav­ing react­ed off MN-C‑S 1877.471 BASE) although still about 3 weeks left in the month

Week­ly — Neutral

  • Last week closed as an Inside Bar with long sell­ing wick (react­ing off W1-C‑S 1888.729) after the pre­vi­ous bar react­ed to W1 50MA and closed as an Inside Bar retrac­ing more than 50%
  • Price below VWAP in UT

Dai­ly — Neutral

  • Price returned to D1-C-D1839.702 BASE and con­sol­i­dat­ing with­in demand after hav­ing formed a Bear Engulf giv­ing D1-C‑S 1863.817
  • Mid D1 swing

H4 — Neutral

  • Pos­si­ble Phase 1 form­ing a H4 Bull Engulf giv­ing H4-C‑D 1834.021 clos­ing with­in over­head sup­ply halt­ing at H4 VWAP fol­lowed by an Inside Bar. No follow-through. 

Mar­ket Pro­file — Balancing

  • 2 day brack­et­ing range

Sen­ti­ment sum­ma­ry — Neutral

  • With price hav­ing retraced to a D1 Base lev­el I am more inclined for more sell­ing pres­sure com­ing in. Although due to the large Bear Engulf and no fol­low-through we could see a move up per­haps retest­ing the D1 C‑Sup on the short, medi­um term. A move below 1821 could war­rant a con­tin­ued move down to 1786 with a ‘stop’ at 1808 on the longer term. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1877.471 BASE
  • D1-C‑S 1863.817

ZOIs for Pos­si­ble Long

  • D1-C-D1839.702 BASE
  • H4-C‑D 1834.021
  • D1-C‑D 1786.586

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


Day trader. Tech geek. Sim Racing Enthusiast.

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