Gold 2021 Week 32 Trading Plan

07 Aug Gold 2021 Week 32 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 — Bearish

• MN QHi reject­ed mul­ti­ple times
• Last month closed with­in MN con­sol­i­da­tion although closed below 50% mark
• Price react­ed off MN-C‑S 1813.276 and is trad­ing below last month’s body and range

Week­ly — Bearish

• W1 con­sol­i­da­tion and Bear Engulf fin­ish­er at MN-C‑S 1813.276 with price clos­ing with­in W1-C‑D 1781.434
• Price trad­ing mid W1 swing after QHi rejec­tion with no arrival at QLo (yet)

Dai­ly — Bearish

• D1 DBD and fol­low-through arriv­ing and clos­ing with­in D1-C‑D 1769.224
• D1 Phase 4
• Price trad­ing with­in D1 QLo

Sen­ti­ment sum­ma­ry — Bearish

• Price made a low below last month’s body and range 
• W1 showed a strong fin­ish­er from con­sol­i­da­tion clos­ing with­in W1 demand
• D1 extend­ed on high­er momen­tum clos­ing lower

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.863
• D1-C‑S 1826.301
• MN-C‑S 1813.276

ZOIs for Pos­si­ble Long

• W1-C‑D 1781.434
• D1-C‑D 1769.224

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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