Gold Week 51 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 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

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