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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