20211022 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 the range although no HH made (yet)

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Price closed some­what neu­tral but still higher
  • H4 DBD with no fol­low-through. Instead a Three Inside Up giv­ing H4-C‑D 1780.938 cur­rent­ly trad­ing with­in H4 supply
• Trend: H4 Up, D1 Down, W1 Up
  • Pre­vail­ing trend: MIXED Trend
• Mar­ket Profile
  • 4‑day brack­et­ing range, last two days have widen­ing values
• Dai­ly Range
  • ADR: 20782
  • ASR: 14636
    • 366
  • ASR Short: 7521
    • 188
  • Day
    • Yes­ter­day’s High 1789.360
    • Yes­ter­day’s Low 1776.420

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 0.42xASR
• Nar­ra­tive
  • Mod­er­ate to Large Imbal­ance. Open at D1 sup­ply. Asia trad­ed high­er into H4 QHi. D1 QHi not reached (yet) after a QLo rejec­tion. D1 200MA and sup­ply in the way to D1 QHi. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Rever­sal short, using pos­si­ble Failed Auc­tion short for confirmation
• Hypo 2
  • Auc­tion Fade Long, Val­ue edge reversal
• Hypo 3
  • Sus­tained Auc­tion Long, late sus­tained auc­tion entry preferred 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1794.175

ZOIs for Pos­si­ble Long

• H4-C‑D 1780.938
• D1-C‑D 1768.535
• D1-C‑D 1762.340

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) 
  • 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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