Gold 2021 Week 32 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 – Bearish

• MN QHi rejected multiple times
• Last month closed within MN consolidation although closed below 50% mark
• Price reacted off MN-C-S 1813.276 and is trading below last month’s body and range

Weekly – Bearish

• W1 consolidation and Bear Engulf finisher at MN-C-S 1813.276 with price closing within W1-C-D 1781.434
• Price trading mid W1 swing after QHi rejection with no arrival at QLo (yet)

Daily – Bearish

• D1 DBD and follow-through arriving and closing within D1-C-D 1769.224
• D1 Phase 4
• Price trading within D1 QLo

Sentiment summary – Bearish

• Price made a low below last month’s body and range 
• W1 showed a strong finisher from consolidation closing within W1 demand
• D1 extended on higher momentum closing lower

Additional notes

• N.A.

ZOIs for Possible Shorts

• W1-C-S 1888.863
• D1-C-S 1826.301
• MN-C-S 1813.276

ZOIs for Possible Long

• W1-C-D 1781.434
• D1-C-D 1769.224

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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