Gold 2021 Week 51 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

• Last month closed with a long selling wick and possible DBD after price took out MN supply although still trading within a bigger supply.
• Price coming from MN QHi rejection
• Price is probing above last month’s body

Weekly – Bearish

• W1 Three Outside Down returning to W1 base demand level and price hit originating level
• Last week closed as a Doji, no reversal pattern (yet)
• W1 QHi rejected with no arrival at QLo

Daily – Neutral

• Possible D1 Phase 1 / 3
• Price is trading within D1 QLo with no rejected (yet)

Sentiment summary – Neutral

• Possible developing MN RBR although trading within long selling wick
• Price reacted some off W1 Demand but has not formed a reversal (yet)
• Price is trading within a range although no break from range (yet)

Additional notes

• Gold statistically ends higher in December / January

ZOIs for Possible Shorts

• W1-C-S 1846.294
• D1-C-S 1790.962

ZOIs for Possible Long

• W1-C-D 1763.670
• MN-C-D 1739.073

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 2 a day (not in the same product at the same time) 
  • No early exits, either hit SL or 2R target
  • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
• Process
  • Keep trade review comments short
• Risk Management
  • 2 consecutive days of lack of sleep = NO TRADING

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