20210927 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 39 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 is trad­ing slight­ly below last week’s body above W1 QLo

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Price pulled back slight­ly to D1 supply
  • H4 Inside Bar formed in pre­mar­ket after a Three Out­side Up trad­ing at H4 VWAP in DT
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend is DOWN 2/3
• Mar­ket Profile
  • val­ue cre­at­ed below the pre­vi­ous and price opened above
• Dai­ly Range
  • ADR: 24188
  • ASR: 16026
    • 401
  • Day
    • Yes­ter­day’s High 1757.570
    • Yes­ter­day’s Low 1740.380

Sen­ti­ment

• LN open
  • Above Val­ue, With­in Range
• Open dis­tance to value
  • 0.07xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. IB accept­ed val­ue and extend­ed down in C TPO rotat­ing through val­ue. D TPO already made LL although price is reach­ing a new­ly formed H4 demand.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Val­ue Accep­tance to Sus­tained Auc­tion Down
• Hypo 2
  • Auc­tion Fade Long, vari­a­tion to Hypo 1 

Addi­tion­al notes

• N.A.

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?)

• Not the sharpest. Tak­ing it easy today. 

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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