20 Nov Gold 2021 Week 47 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
- Multiple MN QHi rejections
- Price retraced to MN-C‑S 1813.621 (MN Evening Star) and took out the supply
- Possibly developing a MN Three Inside Up
Weekly — Bullish
- No arrival at W1-C‑S 1888.859 (yet). Instead price closed lower below W1 QHi as an Inside Bar.
Daily — Bearish
- Even though a D1 Bull Engulf was formed, there was no continuation. Instead a D1 Three Outside Down was formed giving D1-C‑S 1862.308 taking out D1 demand.
- Price closed below D1/W1 QHi
- Possible D1 Phase 3
Sentiment summary — Bearish
- MN supply got taken out but is still trading within a previous MN supply coming from a MN QHi rejection possible forming a MN Three Inside Up
- W1 arrival at W1 QHi and saw some reaction. Although not entirely a bearish close (just yet) it could indicate a turn in sentiment.
- D1 Bull Engulf taken out by a Three Outside Down could see some follow-through.
ZOIs for Possible Shorts
- W1-C‑S 1888.859
- D1-C‑S 1862.308
ZOIs for Possible Long
- W1-C‑D 1794.045 BASE
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