23 Sep 20210923 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 trading within last week’s body above W1 QLo
Non-conjecture observations of the market
- Price action
- D1 Bearish Inside Bar at MN-C‑S 1768.539
- H4 DBD giving H4-C‑S 1774.571 arriving at H4-C‑D 1762.664 above H4 QLo
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is DOWN 2/3
- Market Profile
- Values in UT with price currently trading below value
- Daily Range
- ADR: 24389
- ASR: 14646
- 366
- Day
- Yesterday’s High 1787.070
- Yesterday’s Low 1764.580
Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.56xASR
- Narrative
- Moderate to Large Imbalance. Trend is Down 2/3. H4 DBD, D1 Bearish Inside Bar after a Morning Star rejection of W1 QLo with no follow-through. D1 QHi rejected and price is trading mid swing. H4-C‑S 1774.571 within value. Price retraced to a H4 base supply level coming from H4 demand near H4 QLo there might be some reaction first.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, Reversal short (could be off LTF Supply), possible failed auction short
- Hypo 2
- Auction Fade Short
- Hypo 3
- Sustained Auction Up, (very risky) late-sustained auction entry preferred
Additional notes
- Fed rate decision
ZOIs for Possible Shorts
- D1-C‑S 1794.187
- H4-C‑S 1774.571
ZOIs for Possible Long
- MN-C‑D 1739.674
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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