20211025 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 43 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
• Price trad­ing mid W1 swing below MN/W1 Supply

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Sup­ply got tak­en out and price reached MN C‑sup and start­ed react­ing leav­ing a long sell­ing wick. Price is cur­rent­ly trad­ing with­in the range.
  • Big H4 Bear­ish Inside Bar with no con­tin­u­a­tion. Instead a mean­der higher. 
• Trend: H4 UP, D1 UP, W1 UP
  • Pre­vail­ing trend: Trend is UP 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous 4‑day brack­et­ing range
• Dai­ly Range
  • ADR: 21057
  • ASR: 13672
    • 342
  • ASR Short: 7326
    • 183
  • Day
    • Yes­ter­day’s High 1813.750
    • Yes­ter­day’s Low 1782.880

Sen­ti­ment

• LN open
  • Above Val­ue, With­in Range
• Open dis­tance to value
  • 0.18xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. Trend turned to up 3 out of 3. Open at round num­ber but strong uptrend although trad­ing into D1 Sell­ing Wick. IBR only 0.29xASR.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Sus­tained Auc­tion Up
• Hypo 2
  •  Val­ue Acceptance
• Hypo 3
  •  Auc­tion Fade Short, vari­a­tion to Hypo 1

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1813.621

ZOIs for Pos­si­ble Long

• D1-C‑D 1768.535

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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