20211021 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 42 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 still with­in range

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Fol­low-through on D1 Bull Engulf with long sell­ing wick mak­ing a HH tra­vers­ing 1xADR
  • H4 Phase 2 arriv­ing at H4 QHi (longs might prove risky)
• Trend: H4 Up, D1 Down, W1 Up
  • Pre­vail­ing trend: MIXED Trend
• Mar­ket Profile
  • 3‑day brack­et
• Dai­ly Range
  • ADR: 21334
  • ASR: 14996
    • 375
  • ASR Short: 7700
    • 193
  • Day
    • Yes­ter­day’s High 1788.340 
    • Yes­ter­day’s Low 1766.760

Sen­ti­ment

• LN open
  • Above Val­ue, With­in Range
• Open dis­tance to value
  • 0.12xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. Close prox­im­i­ty to VAH. IBR quite tight at 0.2xASR. Price trad­ing at H4 QHi. 
• Clar­i­ty (1–5, 5 being best)
  • 2
• Hypo 1
  • Val­ue Edge Reversal
• Hypo 2
  • Val­ue Acceptance
• Hypo 3
  • Sus­tained Auc­tion Up 
• Hypo 4
  • Auc­tion Fade Short

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1794.175

ZOIs for Pos­si­ble Long

• D1-C‑D 1768.535
• D1-C‑D 1762.340

Mind­ful Trad­ing (lack of sleep?)

• Deal­ing with per­son­al stuff. Might be distracted.

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) 
  • No ear­ly exits, either hit SL or 2R target
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
• Process
  • Keep trade review com­ments short
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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