16 Sep 20210916 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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Compared against Weekly Trading Plan
- Price retraced to newly formed W1 C‑sup and reacted, still trading within last week’s body
Non-conjecture observations of the market
- Price action
- D1 Bearish Inside Bar giving D1-C‑S 1794.187 returning to D1-C‑D 1792.844
- H4 DBD at W1 Supply followed by some slowdown at D1 demand
- Trend: H4 , D1 , W1
- Prevailing trend:
- Market Profile
- Value created at the top of the overall range and price is currently trading below
- Daily Range
- ADR: 18654
- ASR: 11432
- 290
- Day
- Yesterday’s High 1806.740
- Yesterday’s Low 1790.640
Sentiment
- LN open
- Below Value, Outside Range,
- Open distance to value
- 1.22xASR
- Narrative
- Large Imbalance. Possible H4 Phase 4 continuing on D1 Bearish Inside Bar. Nearby D1 demand and open sentiment could prove enough for a bounce in the form of a mean reversion.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Mean Reversion, sustained auction up
- Hypo 2
- Auction Fade Short, Return to Value, possible reversal at LTF supply below value, variation to Hypo 1
- Hypo 3
- Sustained Auction Down (risky)
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1794.187
ZOIs for Possible Long
- D1-C‑D 1792.844
- D1-C‑D 1781.384
Mindful Trading (lack of sleep?)
- Feeling okay
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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