Gold Week 51 Trading Plan

12 Dec 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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