Gold 2021 Week 27 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 – 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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