21 Sep Gold 2021 Week 38 Trading Plan
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This is my weekÂly outÂlook on GOLD. The levÂels that I will be lookÂing at with a highÂer probÂaÂbilisÂtic chance the marÂket will start reactÂing. DurÂing the sesÂsion I then wait for the marÂket to hit those levÂels and either conÂfirm or reject my bias through price action conÂfirÂmaÂtion and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to peoÂple that are on the same path as me. So don’t be shy and reach out.
MonthÂly — Bearish
- Price formed a Bear Engulf (although to me it is more of a conÂsolÂiÂdaÂtion) back in June rejectÂing MN QHi with no folÂlow-through. Instead price has been tradÂing withÂin the supÂply (MN-C‑S 1768.539) it had formed with last month closÂing as a DragÂonÂFly Doji reactÂing off MN-D‑C 1739.674 (coinÂcidÂing with MN VWAP in UT TC). To which price is curÂrentÂly tradÂing below as well as just duckÂing below MN supÂply (coinÂcidÂing with MN VWAP in UT)
WeekÂly — Bearish
- W1 QHi rejectÂed folÂlowed by W1 Bear Engulf with conÂtinÂuÂaÂtion arrivÂing at W1 QLo
DaiÂly — Bearish
- D1 Three Inside Down rejectÂing D1 QHi with price curÂrentÂly tradÂing mid-swing
- D1 MornÂing Star formed givÂing D1-C‑D 1754.268 below D1 LKC above MN-C‑D 1739.674
SenÂtiÂment sumÂmaÂry — Bearish
- MN price is tradÂing below MN supÂply and reached MN-C‑D 1739.674 (coinÂcidÂing with MN VWAP in UT).
- W1 failed to take out W1 supÂply and conÂtinÂued down tradÂing still above W1 QLo, MN and W1 demand
- D1 reactÂed slightÂly after reachÂing MN demand through a MornÂing Star. If price fails to close lowÂer there might be a slight pullÂback first before conÂtinÂuÂing down
AddiÂtionÂal notes
- Sep 23, 02:00, USD, Fed InterÂest Rate Decision
ZOIs for PosÂsiÂble Shorts
- W1-C‑S 1807.592
- D1-C‑S 1794.187
- MN-C‑S 1768.539
ZOIs for PosÂsiÂble Long
- D1-C‑D 1754.268
- MN-D‑C 1739.674
Focus Points for tradÂing development
- MonthÂly Goals
- No momenÂtum trades on Non-Farm Fridays
- Total of 20 trades by the end of the month, preferÂably 2 a day (not in the same prodÂuct at the same time)
- WeekÂly Goal
- Use SL scalÂing in case the profÂit tarÂget for the setÂup doesn’t proÂvide 2R for examÂple for FA or VAA setups
- No earÂly exits, either hit SL or 2R tarÂget, latÂest cut-off 1:30 LonÂdon time
- Risk ManÂageÂment
- 2 conÂsecÂuÂtive days of lack of sleep = NO TRADING