Gold 2021 Week 43 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, currently mid swing
• Price closed below MN Supply forming an Evening Star but with a reaction off MN-C-D 1739.073 retracing to newly formed MN C-sup
• Price still trading within last month’s body

Weekly – Bullish

• W1 QLo rejection with a flimsy RBR
• Last week made a HH but closing in the previous week’s range after reacting off MN C-sup

Daily – Bullish

• Price took out D1 Supply and closed higher but leaving a long selling wick reacting off MN C-sup with a test of D1 QHi

Sentiment summary – Bullish

• Retracement to MN Evening Star isn’t the strongest signal for a bearish continuation but there is still a week left
• W1 Price is running into sellers but still closing higher after a W1 QLo rejection
• D1 Supply taken out at D1 QHi but closing at D1 200MA leaving a long selling wick. The retracement could be due to the reaction and no reversal pattern has formed (yet)

Additional notes

• N.A.

ZOIs for Possible Shorts

• D1-C-S 1826.170
• MN-C-S 1813.621

ZOIs for Possible Long

• D1-C-D 1768.535
• D1-C-D 1762.340
• MN-C-D 1739.073

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 20 trades by the end of the month, preferably 2 a day (not in the same product at the same time) 
• Weekly Goal
  • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
  • No early exits, either hit SL or 2R target, latest cut-off 1:30 London time
• Risk Management
  • 2 consecutive days of lack of sleep = NO TRADING

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