Gold 2021 Week 24 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
• No arrival at MN-C-S MN-C-S 1964.915 yet
• Some reaction off MN QHi

Weekly – Slightly Bearish

• Price formed an Inside Bar with longer buying wick within W1 QHi and W1-C-S 1888.863 (been tested multiple times) then proceeded to close below forming a W1 Three Outside Down (although not the strongest)

Daily – Slightly Bearish

• Possible D1 Phase 3 with a D1 Bear Engulf (at W1 C-sup) breaking down from consolidation closing within D1 Demand below D1 QHi (and below VWAP although not by much)

Sentiment summary – Slightly Bearish

• MN arrived at MN QHi but is still trading at last month’s body and there is space left to the next MN supply
• W1 Made a Three Outside Down closing below W1 QHi
• D1 consolidated and formed a bear engulf but still has not taken out D1 demand

Additional notes

• N.A.

ZOIs for Possible Shorts

• MN-C-S 1964.915
• W1-C-S 1888.863

ZOIs for Possible Long

• D1-C-D 1825.990

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
  • Min. 3 times working out at home + mandatory cardio
• 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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