Gold XAUUSD — Week 28 Trading Plan - Bear Market Trader
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Gold XAUUSD — Week 28 Trading Plan

Gold XAUUSD — Week 28 Trading Plan

#day­trade #day­trad­ing #forex #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #Gold #XAUUSD 

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 — Bullish

  • Last month closed well above the pre­ced­ing month div­ing deep­er into sup­ply (and formed a long buy­ing wick) and near­ing Q1 Swing high from Octo­ber 2012

Week­ly — Neutral

  • Price closed with­in week­ly sup­ply (W1-C‑S 1754.255) after hav­ing formed demand at W1-C‑D 1729.331
  • Price is near­ing month­ly swing high although last week closed as a doji
  • Price con­sis­tent­ly above VWAP

Dai­ly — Neutral

  • D1 Bear Engulf formed with con­ter­mi­nous D1-C‑S 1773.280 but no fol­low through yet. Pos­si­ble DBD but need a break from con­sol­i­da­tion to con­firm direc­tion. Cur­rent­ly it’s a con­sol­i­da­tion with Friday’s body with­in the pre­ced­ing bar.

H4 — Neutral

  • Big rejec­tion of LKC coin­cid­ing with H4 QLo in an uptrend cre­at­ing demand with con­ter­mi­nous H4-C‑D 1772.157. Fol­lowed by con­sol­i­da­tion cre­at­ing a tight range between sup­ply and demand.

Mar­ket Pro­file — Neutral

  • Over­all mar­ket bracketing

Sen­ti­ment sum­ma­ry — Neutral

  • The Dai­ly con­sol­i­da­tion needs a break to get a bet­ter under­stand­ing of short to medi­um term direc­tion. Will need to gauge intra­day sen­ti­ment for fur­ther clues on this. 

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1773.280
  • W1-C‑S 1754.255
  • H4-C‑S 1782.723

ZOIs for Pos­si­ble Long

  • D1-C‑D 1763.760
  • H4-C‑D 1772.157

Focus Points for trad­ing development

  • Week­ly Goal
    • Cor­rect posi­tion sizing
  • 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
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

Day trader. Tech geek. Sim Racing Enthusiast.

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