23 Oct Gold 2021 Week 43 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
- MN QHI rejectÂed, curÂrentÂly mid swing
- Price closed below MN SupÂply formÂing an Evening Star but with a reacÂtion off MN-C‑D 1739.073 retracÂing to newÂly formed MN C‑sup
- Price still tradÂing withÂin last month’s body
WeekÂly — Bullish
- W1 QLo rejecÂtion with a flimÂsy RBR
- Last week made a HH but closÂing in the preÂviÂous week’s range after reactÂing off MN C‑sup
DaiÂly — Bullish
- Price took out D1 SupÂply and closed highÂer but leavÂing a long sellÂing wick reactÂing off MN C‑sup with a test of D1 QHi
SenÂtiÂment sumÂmaÂry — Bullish
- RetraceÂment to MN Evening Star isn’t the strongest sigÂnal for a bearÂish conÂtinÂuÂaÂtion but there is still a week left
- W1 Price is runÂning into sellÂers but still closÂing highÂer after a W1 QLo rejection
- D1 SupÂply takÂen out at D1 QHi but closÂing at D1 200MA leavÂing a long sellÂing wick. The retraceÂment could be due to the reacÂtion and no reverÂsal patÂtern has formed (yet)
AddiÂtionÂal notes
- N.A.
ZOIs for PosÂsiÂble Shorts
- D1-C‑S 1826.170
- MN-C‑S 1813.621
ZOIs for PosÂsiÂble Long
- D1-C‑D 1768.535
- D1-C‑D 1762.340
- MN-C‑D 1739.073
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