GOLD (XAUUSD) — Week 27 Trading Plan

27 Jun GOLD (XAUUSD) — Week 27 Trading Plan

This is my week­ly out­look on GOLD (XAUUSD). 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 with­in MN sup­ply push­ing high­er near­ing poten­tial­ly break­ing Q1 swing high although still 2 trad­ing days left in the month

Week­ly — Bullish

• Price trad­ed and closed close to it’s high with­in W1 sup­ply above W1-C‑S 1754.243
• New demand formed above VWAP and UKC with W1-C‑D 1728.472 NEW
• Price still trad­ing above VWAP and UKC after it tried to duck below and got reject­ed strongly
• Price trad­ing with­in MN QHi but near­ing swing high (same as Q1 and W1)

Dai­ly — Bullish

• Bounce from W1-C‑D 1728.472 NEW (also D1 demand) with D1 bull engulf and con­se­quent move higher
• Con­sol­i­da­tion above W1-C‑S 1754.243 (and UKC) with a bull engulf fin­ish­er and long buy­ing wick. How­ev­er D1 sup­ply still intact with D1-C‑S 1763.823 NEW

H4 — Bullish

• H4-C‑D 1762.048 Bull Engulf cre­at­ed after rejec­tion of pre­vi­ous demand H4-C‑D 1751.489 how­ev­er there is still sup­ply in the way H4-C‑S 1773.757

Mar­ket Profile

• After a few days of a brack­et­ing mar­ket price test­ed a break below val­ue before it moved back up

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Due to con­sis­tent­ly mak­ing new highs I am of more of bull­ish sen­ti­ment. How­ev­er due to reach­ing a Q1 swing high from Octo­ber 2012 there might be some sell­ing com­ing in so will adjust my sen­ti­ment accord­ing­ly through­out the week. 

ZOIs for Pos­si­ble Shorts

• MN1-C‑S 1623.239
• W1-C‑S 1754.243
• D1-C‑S 1763.823 NEW
• H4-C‑S 1773.757

ZOIs for Pos­si­ble Long

• H4-C‑D 1762.048 Bull Engulf
• H4-C‑D 1751.489
• W1-C‑D 1728.472 NEW

Focus Points for trad­ing development

• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Trad­ing Priority
    • FX pair out­side value
    • FX pair inside > Gold
    • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
  • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits