Gold for the next week 18-Sep-2023 Till Closed ManuallyI initially planned to share this on Sunday evening, but given that I'm including my personal trading strategy, I've decided to release it on Saturday instead. This way, someone might find value in my approach and have ample time to understand and implement it in their trading for the upcoming week
Bullish Scenario
Institutional Bias: If institutions remain aggressively bullish on Monday, expect minimal retracement to demand zones.
Daily Supply Zone: A retracement to the demand zone may occur to trap sellers before resuming the bullish trend.
Bull Run Extension: The market may stall within the daily supply zone before continuing its upward trajectory.
Break Above 1953: A break above this level could signal a long-term bullish run, potentially setting new lifetime highs.
Bearish Scenario
Institutional Shift: If institutions shift from buying to selling, they may push the market to the daily supply zone to trap buyers before a sharp decline.
Liquidity Trap: The market may oscillate between supply and demand zones to generate liquidity before crashing.
Short-Term Outlook: Given Friday's bullish narrative, a bearish run seems less likely in the immediate term.
High Time Frame (HTF) Bias: The market could revert to a bearish trend as the HTF bias remains bearish.
My personal Trading Strategy for Gold
Preparation: Be at your trading station one hour before the London Open.
Daily Time Frame (TF): Mark trendlines to determine overall market bias.
4hr TF: Identify any break of structures.
1hr TF: Mark unmitigated supply and demand zones.
15min TF: Wait for the price to reach your marked zones or Points of Interest (POI).
Entry Criteria: Look for a clean Break of Structure (BOS) on a lower time frame (preferably 5 minutes).
Momentum and Volume: Ensure the BOS has sufficient momentum and volume.
Entry Point: Enter after the BOS candle closes.
Stop Loss (SL): Use a fixed pip SL or place it above the previous swing high.
Take Profit (TP): Subjective to your trading style.
Risk Management: Limit SL to 1% of your equity.
Pip and Lot Calculation: Understand pip values for different trading instruments.
Profit Targets: Maintain realistic daily, weekly, and monthly targets.
Weekly Target: Aim for a 5% increase in equity.
Daily Target: Once reached, reduce your market exposure.
Loss Management: If a trade goes south, take a step back and analyze.
Important Notes
These are personal insights and subject to market conditions.
Market moves may take from one day to several weeks to materialize.
Global economic uncertainty could increase gold's appeal as a safe-haven asset.
Personal Insights
Emotional detachment and mechanical trading have improved my performance.
Always align your trades with the market's overall direction.
Counter-trend strategies are generally riskier unless supported by divergences.
