Gold 2021 Week 25 Trading Plan

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This is my weekly outlook on GOLD. The levels that I will be looking at with 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 Bullish

• Price traded higher (and closed on its high) from the Bull Engulf in April arriving at MN QHi
• Currently retraced all off last month’s bar but no close yet nearing MN-C-D 1741.655

Weekly – Slightly Bearish

• Continuation to the W1 Three Outside Down with arrival at W1-C-D 1774.420 with no reaction yet. W1 Demand End 1756.347 still intact.
• Price trading at W1 LKC in UT but no arrival at W1 QLo (yet)

Daily – Bearish

• D1 Phase 4 with price having arrived at W1-C-D 1774.420
• Price has not reached D1 QLo (yet)

Sentiment summary – Slightly Bearish

• Price retraced all of last month’s range and is nearing MN-C-D 1741.655
• Price has rejected D1/W1 QHi and traded down with no arrival at QLo yet
• D1 Phase 4 arrived D1 demand with no reaction

Additional notes

• June 21st
  • ECB’s President Lagarde speech
• June 23rd
  • ECB’s Schnabel speech
  • ECB’s De Guindos speech
  • EUR – Markit PMI Composite
  • GBP – Markit Services PMI
  • USD – EIA Crude Oil Stocks Change
  • USD – Fed’s Bowman speech
  • USD – Markit Manufacturing PMI
• June 24th
  • ECB’s President Lagarde speech
  • EUR – European Council Meeting
  • GBP – BoE Interest Rate Decision
  • USD – Initial Jobless Claims
  • EUR – ECB’s Schnabel speech
• June 25th
  • EUR – European Council Meeting

ZOIs for Possible Shorts

• H4-C-S 1818.254 BASE

ZOIs for Possible Long

• W1-C-D 1774.420
• D1-C-D 1741.655
• W1-C-D 1730.136

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 13 trades by the end of the month
• Weekly Goal
  • Weekly Focus Points
    • Min. 3 times working out at home + mandatory cardio
  • Trading rules
    • Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
    • Only price-action based exit rules (or if hit time stop comes earlier)
    • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
    • Buffer trades (profit target >1R) are allowed and encouraged
    • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
    • No social media / messenger apps / phone calls allowed during the trading window
• Risk Management
  • Without forcing a trade: aim to take 1 trade a day, if possible 2. 
  • Capital Preservation during drawdown allows for 1R profit-taking
  • 2 consecutive days of lack of sleep = NO TRADING

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