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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