Gold 2021 Week 43 Trading Plan

23 Oct Gold 2021 Week 43 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
• Price still trad­ing with­in last month’s body

Week­ly — Bullish

• W1 QLo rejec­tion with a flim­sy RBR
• Last week made a HH but clos­ing in the pre­vi­ous week’s range after react­ing off MN C‑sup

Dai­ly — Bullish

• Price took out D1 Sup­ply and closed high­er but leav­ing a long sell­ing wick react­ing off MN C‑sup with a test of D1 QHi

Sen­ti­ment sum­ma­ry — Bullish

• Retrace­ment to MN Evening Star isn’t the strongest sig­nal for a bear­ish con­tin­u­a­tion but there is still a week left
• W1 Price is run­ning into sell­ers but still clos­ing high­er after a W1 QLo rejection
• D1 Sup­ply tak­en out at D1 QHi but clos­ing at D1 200MA leav­ing a long sell­ing wick. The retrace­ment could be due to the reac­tion and no rever­sal pat­tern has formed (yet)

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1826.170
• MN-C‑S 1813.621

ZOIs for Pos­si­ble Long

• D1-C‑D 1768.535
• 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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