Gold 2021 Week 45 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

• Multiple MN QHi rejections
• Price retraced to MN-C-S 1813.621 (MN Evening Star) and closed as an Inside Bar with longer selling wick
• Price trading above MN-C-S 1813.621 but still long to go till the end of the month

Weekly – Bullish

• W1 QLo rejected with no arrival at W1 QHi (yet)
• Last week closed as a W1 RBR giving W1-C-D 1794.045 BASE then closing on its high within W1-C-S 1807.771
• W1 Supply still intact, end at W1 Supply End 1834.351 but no reversal pattern printed (yet)

Daily – Bullish

• D1 Bull Engulf giving D1-C-D 1786.045 with continuation higher taking out D1 supply closing within D1 QHi
• No arrival at D1-C-S 1826.648 (yet)

Sentiment summary – Bullish

• Price retraced to MN Evening Star supply which could be a reversal sign although too early into the month
• W1 closed on its high within W1 supply after coming from W1 QLo rejection. W1 Supply still intact.
• D1 supply taken out and price trading within D1 QHi there might be a reaction but there is not reversal pattern (yet)

Additional notes

• N.A.

ZOIs for Possible Shorts

• D1-C-S 1826.648
• MN-C-S 1813.621
• W1-C-S 1807.771

ZOIs for Possible Long

• W1-C-D 1794.045 BASE
• W1-C-D 1764.198
• 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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