Gold 2021 Week 42 Trading Plan

19 Oct Gold 2021 Week 42 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 reac­tion off MN-C‑D 1739.073 retrac­ing to new­ly formed MN C‑sup

Week­ly — Neutral

• Flim­sy W1 RBR with long sell­ing wick after a 2nd test of W1 QLo

Dai­ly — Bullish

• Big Bear Engulf at first test of D1-C‑S 1794.175 (coin­cid­ing with D1 200MA) return­ing to D1-C‑D 1762.340
• Price com­ing from a D1 QLo rejection
• Pos­si­ble D1 Phase 1

Sen­ti­ment sum­ma­ry — Neutral

• MN retrace­ment to new­ly formed C‑sup isn’t the strongest bear­ish sig­nal as it’s formed through an Evening Star. Although still about 2 weeks left in the month and price is fol­low­ing a MN QHi rejection.
• W1 is clos­ing high­er although with long sell­ing wicks plus com­ing from W1 QLo
• D1 pos­si­bil­i­ty for a Phase 1 expec­ta­tion is for phase 2 although price would need to clear sup­ply that has only been test­ed once and seen a big reac­tion. Thus a pos­si­ble Phase 3 is still in the cards as well fol­low­ing the larg­er time­frame sen­ti­ment. D1 demand still in the way at D1 QLo though so there might be some side­ways mar­ket first. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1813.621
• D1-C‑S 1794.175

ZOIs for Pos­si­ble Long

• D1-C‑D 1762.340
• MN-C‑D 1739.073

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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