20210628 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 26 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 trad­ing above last week’s body but with­in range at W1 LKC in UT

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 con­sol­i­da­tion with longer sell­ing wicks, Fri­day closed as a weak Bull Engulf.
  • H4 Phase 1 / 3 near­ing H4 50MA in DT
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend is DOWN 2/3
• Mar­ket Profile
  • 5‑day brack­et 
• Dai­ly Range
  • ADR: 24852
  • ASR: 15408
    • 385
  • Day
    • Yes­ter­day’s High 1790.350
    • Yes­ter­day’s Low 1773.620

Sen­ti­ment

• LN open
  • Open With­in Value
• Open dis­tance to value
  • N.A.
• Nar­ra­tive
  • Bal­anc­ing Mar­ket. Open with­in val­ue. Mul­ti-day brack­et­ing range. H4/D1 con­sol­i­da­tion although H4 is near­ing 50MA in DT. LTF sup­ply above val­ue, with­in range. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Failed Auc­tion Short, probe above value
• Hypo 2
  •  Failed Auc­tion Long, probe below value
• Hypo 3
  •  Sus­tained Auc­tion Short, late-sus­tained auc­tion entry
• Hypo 4
  • Auc­tion Fade Long, vari­ant to Hypo 2
• Hypo 5
  • Sus­tained Auc­tion Long, late-sus­tained auc­tion entry, due to pos­si­ble D1 Phase 1 at W1 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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