Gold 2021 Week 27 Trading Plan

06 Jul Gold 2021 Week 27 Trading Plan

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #Gold #XAUUSD 

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 — Neutral

• June closed retrac­ing all of May not with­in demand formed in April
• Trad­ing above MN VWAP in UT

Week­ly — Bullish

• Price took out W1 demand and pro­ceed­ed to close high­er with a long buy­ing wick mak­ing a slight HH
• No arrival at W1 QLo after hav­ing reject­ed W1 QHi

Dai­ly — Bullish

• D1 Three Inside Up giv­ing D1-C‑D 1769.224 with con­tin­u­a­tion high­er tak­ing out D1 Supply
• No arrival at D1 QLo after D1 QHi Rejection

Sen­ti­ment sum­ma­ry — Bullish

• MN is some­what neu­tral although being at the bot­tom of the range (and at MN VWAP in UT pos­si­ble TC) and near­by MN demand there could be some buy­ing pressure
• W1 took out demand but then pro­ceed­ed to close high­er indi­cat­ing a pos­si­ble shift in sentiment
• D1 took out a pre­vi­ous demand and react­ed by cre­at­ing a new demand and tak­ing out sup­ply fur­ther indi­cat­ing a pos­si­ble shift in sen­ti­ment although no arrival at W1/D1 QLo. With price near­ing D1 VWAP in DT there might be a reac­tion and pull­back to new­ly formed D1 demand. 

Addi­tion­al notes

• Jul 05, 16:00 EUR Mark­it PMI Composite
• Jul 06, 21:45 USD Mark­it PMI Composite
• Jul 06, 22:00 USD ISM Ser­vices PMI
• Jul 07, 22:00 CAD Ivey Pur­chas­ing Man­agers Index
• Jul 07, 23:00 USD Fed Mon­e­tary Pol­i­cy Report
• Jul 08, 02:00 USD FOMC Minutes
• Jul 08, 20:30 USD Ini­tial Job­less Claims
• Jul 08, 22:30 USD EIA Crude Oil Stocks Change (THURSDAY)
• Jul 09, 20:30 CAD Unem­ploy­ment Rate

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.863

ZOIs for Pos­si­ble Long

• D1-C‑D 1769.224
• MN-C‑D 2841.655

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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