06 Feb Gold Week 6 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 order flow through 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 Bearish
- MN-C‑D 1876.079 formed through Bull Engulf in December with no follow-through. Instead a test and reaction off MN-C‑S 1965.605 (2nd test, first in November). Month of January closing down within MN demand although not retracing more than 50% with price currently trading lower although still 3 weeks to go into the candle close.
- Possible Phase 3
Weekly — Slightly Bearish
- W1 Three Inside Down formed closing within W1-C‑D 1839.109 at W1 VWAP CAR forming a squeeze with W1 50MA in UT (didn’t close below).
- Possible W1 Phase 1 / 3
Daily — Slightly Bullish
- D1 DBD (D1-C‑S 1834.156 BASE) created arriving clean at D1-C‑D 1787.150 with consequent reaction closing slightly below 50% retracement closing just above D1/W1 QLo.
H4 — Slightly Bullish
- H4 demand giving H4-C‑D 1795.083 with consolidation and Break higher testing said demand once before continuing higher.
- H4 VWAP in DT just above.
Market Profile — Imbalance
- Values in DT with last value area created just below the previous one
Sentiment summary — Slightly Bullish
- Due to the big drop with a clean arrival we can see shorts covering and perhaps getting ready to change the sentiment if we can follow up on the medium time frame push higher rejecting D1/W1 QLo. A deep close below taking out W1 Demand End 1764.063 would usher in a longer term bearish sentiment.
ZOIs for Possible Shorts
- W1-C‑S 1889.101
- D1-C‑S 1855.752
- D1-C‑S 1834.156 BASE
ZOIs for Possible Long
- MN-C‑D 1876.079
- W1-C‑D 1839.109
- D1-C‑D 1784.150
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