Gold 2021 Week 41 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 – Bearish

• MN QHI rejected, currently mid swing
• Price closed below MN Supply forming an Evening Star but with a slight reaction off MN-C-D 1739.674
• Price tested MN-C-S 1768.539 and shown some reaction

Weekly – Neutral

• W1 ‘flimsy’ bull engulf with no follow-through, instead a spinning top formed with slightly longer selling wick but failed to close within newly formed W1-C-D 1754.182

Daily – Bearish

• D1 DBD (in line with D1 VWAP in DT) with multiple test of D1 supply at MN/D1-C-S 1768.539
• Price trading above D1 QLo

Sentiment summary – Bearish

• MN trading at the bottom of last month’s range and shown reaction of overhead supply
• Price trading within W1 Supply but still above newly formed W1 demand although demand has been tested currently for the second time.
• Consecutive D1 DBD with no close within D1 QLo (although it has been tested many times) and with a larger timeframe bearish sentiment D1 QLo could get taken out. 

Additional notes

• N.A.

ZOIs for Possible Shorts

• MN/D1-C-S 1768.539

ZOIs for Possible Long

• W1-C-D 1754.182
• MN-C-D 1739.674

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 20 trades by the end of the month, preferably 2 a day (not in the same product at the same time) 
• Weekly Goal
  • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
  • No early exits, either hit SL or 2R target, latest cut-off 1:30 London time
• Risk Management
  • 2 consecutive days of lack of sleep = NO TRADING

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