Gold Week 52 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 – Slightly Bullish

• Price returned to MN-C-S 1878.607 BASE but the month is not over yet

Weekly – Slightly Bullish

• W1 Inside Bar retracing more than 50% followed by a Base and Rally completing RBR giving W1-C-D 1839.454 returning to W1-C-S 1888.625 with slight reaction

Daily – Slightly Bullish

• Inside Bar at W1-C-S 1888.625 and price is trading within D1 QHi

H4 – Slightly Bearish

• H4-C-S 1883.901 created through Bear Engulf digging deeper into underlying demand
• Price above H4 VWAP in UT

Market Profile – Balancing

• 2-day bracketing range

Sentiment summary – Balancing

• Due to medium and higher time frame sentiment (ie returning to a MN base level and W1 RBR) we could see a continuation to the move. H4 is above VWAP in UT with forming reversal patterns possibly due for higher timeframe pullback coinciding with a touch of H4 VWAP in UT or further balancing before a break out letting VWAP catch up first. Due to the W1 supply nearby (and price being within D1 QHi) price could transition into a D1 Three Inside Down (or consolidation) and initiate a possible reversal. As always we’ll let the market lead.

Additional notes

• Brexit talks still ongoing

ZOIs for Possible Shorts

• MN-C-S 1965.782
• W1-C-S 1888.625

ZOIs for Possible Long

• H4-C-D 1861.152
• W1-C-D 1839.454

Additional notes

• Brexit talks still ongoing

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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