20211004 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 40 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 with­in last month’s body
• Price trad­ing above last week’s body and price made a slight HH

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Bull Engulf clos­ing above W1 QLo reject­ing D1 QLo
  • H4-C‑D 1755.590 cre­at­ed below H4 QHi
• Trend: H4 Up, D1 Down, W1 Up
  • Pre­vail­ing trend: MIXED Trend
• Mar­ket Profile
  • Price cre­at­ed a val­ue extend­ed above the previous
• Dai­ly Range
  • ADR: 24401
  • ASR: 14636
    • 375
  • Day
    • Yes­ter­day’s High 1764.200
    • Yes­ter­day’s Low 1749.690

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 0.16xASR
• Nar­ra­tive
  • Mod­er­ate to Large Imbal­ance. Still with close prox­im­i­ty to the val­ue edge. IB accept­ed val­ue (has not yet rotat­ed through). LTF/H4 demand at VAL. Trend is mixed. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Val­ue Accep­tance, Sus­tained Auc­tion Down, risky with H4 demand, pos­si­ble late-sus­tained auc­tion entry
• Hypo 2
  • Failed Auc­tion Long, pos­si­ble val­ue edge reversal
• Hypo 3
  • Auc­tion Fade Long, vari­a­tion to Hypo 1

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1768.539

ZOIs for Pos­si­ble Long

• H4-C‑D 1755.590
• 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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