20210625 Premarket Prep Gold

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This is my pre­mar­ket prep for today’s Euro­pean ses­sion for GOLD. This prep builds off of my week­ly trade plan I made here:

Gold 2021 Week 25 Trad­ing Plan

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The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

• Price retraced to MN demand with slight reaction
• Price trad­ing with­in last week’s range below VWAP

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 failed to close high­er instead a slight DBD giv­ing D1-C‑S 1779.092 with longer sell­ing wicks
  • D1/W1 demand test­ed 4 times
  • H4 Phase 1 / 3, H4 Bull Engulf with slight con­tin­u­a­tion high­er in premarket. 
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend is DOWN 2/3
• Mar­ket Profile
  • 4‑day brack­et
• Dai­ly Range
  • ADR: 26656
  • ASR: 16464
    • 412
  • Day
    • Yes­ter­day’s High 1787.910
    • Yes­ter­day’s Low 1772.920

Sen­ti­ment

• LN open
  • Open With­in Value
• Open dis­tance to value
  • N.A.
• Nar­ra­tive
  • Bal­anc­ing mar­ket. Open with­in val­ue, 4‑day brack­et. D1-C‑S 1779.092 at VAL. Although H4 closed high­er but still trad­ing below H4 VWAP. D1 did not close with­in demand (although test­ed mul­ti­ple times) so could also be a pos­si­ble D1 Phase 1 / 3
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Failed Auc­tion Short, open sentiment, 
• Hypo 2
  •  Sus­tained Auc­tion Short, val­ue rejection, 
• Hypo 3
  •  Auc­tion Fade Short, trad­ing with­in D1 Supply
• Hypo 4
  • Sus­tained Auc­tion Long, pos­si­ble H4/D1 phase 1 above MN demand

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1779.092

ZOIs for Pos­si­ble Long

• W1-C‑D 1774.420

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 13 trades by the end of the month
• Week­ly Goal
  • Min. 3 times work­ing out at home + manda­to­ry cardio
• Risk Man­age­ment
  • With­out forc­ing a trade: aim to take 1 trade a day, if pos­si­ble 2. 
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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