Gold Week 8 Trading Plan

20 Feb Gold Week 8 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. 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
• Price took out under­ly­ing demand at 1764.835

Week­ly — Bearish

• Price broke below W1 50MA in UT through a DBD (giv­ing W1-C‑S 1818.073 BASE) react­ing off W1 VWAP CAR although some retrace­ment leav­ing some buy­ing wick behind

Dai­ly — Slight­ly Bullish

• After tak­ing out larg­er time­frame demand price formed a Bull Engulf cre­at­ing new demand D1-C‑D 1778 above pre­vi­ous demand

H4 — Slight­ly Bullish

• Con­sol­i­da­tion with strong Bear Engulf fin­ish­er with no direct fol­low-through instead some consolidation.

Sen­ti­ment sum­ma­ry — Slight­ly Bearish

• Due to larg­er time­frame demand being tak­en out and a break below W1 50MA in UT sen­ti­ment is shift­ed to bear­ish. Although due to the same demand being tak­en out we could see more buy­ers com­ing in as that tends to hap­pen at huge SD ZOIs. This could trans­late into a retrace­ment before con­tin­u­ing down or tran­si­tion into form­ing a new demand around these lev­els. Although the next larg­er time­frame demand is at 1729.5 so we might set out to test that. Will need more intra­day price action to guide sentiment. 

Addi­tion­al notes

• Last week of the month so extra cau­tion is advised

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1847.890
• W1-C‑S 1818.073 BASE

ZOIs for Pos­si­ble Long

• D1-C‑D 1778
• W1-C‑D 1729.500

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Take a break from cer­tain com­po­nents of social media
  • 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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