Gold 2021 Week 50 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

• Last month closed with a long selling wick and possible DBD after price took out MN supply although still trading within a bigger supply.
• Price coming from MN QHi rejection

Weekly – Bearish

• Price returned to W1 Demand Base Level and even though it hit W1 demand it hasn’t hit the originating level quite yet
• Last week closed lower and made a LL but left a longer buying wick reacting off W1 demand
• W1 QHi rejection with no arrival at W1 QLo (yet)

Daily – Bearish

• D1 Bull Engulf failing to close above D1 QLo, possible consolidation above W1 demand
• D1-C-S 1790.962 right above

Sentiment summary – Bearish

• MN Price training above last month’s body but within range (long selling wick)
• W1 reacted off W1 demand but no reversal pattern and no arrival at W1 QLo (yet)
• Even though D1 closed as a Bull Engulf, price failed to close above D1 QLo. Plus there is still some D1 Supply above it. 

Additional notes

• N.A.

ZOIs for Possible Shorts

• W1-C-S 1846.294
• D1-C-S 1790.962

ZOIs for Possible Long

• W1-C-D 1763.670
• MN-C-D 1739.073

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 2 a day (not in the same product at the same time) 
  • No early exits, either hit SL or 2R target
  • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
• Process
  • Keep trade review comments short
• Risk Management
  • 2 consecutive days of lack of sleep = NO TRADING

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