20211110 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 45 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 and range with­in W1 Sup­ply and made a HH
• Price near­ing W1 Sup­ply End

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 closed high­er with­in D1 Sup­ply (mul­ti­ple tests)
  • Price cre­at­ed H4-C‑D 1822.888 through bull engulf with longer sell­ing wick then pro­ceed­ed to climb high­er with­in D1 supply
  • H4 Evening Star with­in D1 Sup­ply giv­ing H4-C‑S 1829.864
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Strong uptrend 3/3
• Mar­ket Profile
  • Val­ues in UT
• Dai­ly Range
  • ADR: 21957
  • ASR: 14630
    • 366
  • ASR Short: 6977 
    • 174
  • Day
    • Yes­ter­day’s High 1832.650
    • Yes­ter­day’s Low 1819.090

Sen­ti­ment

• LN open
  • Open With­in Value
• Open dis­tance to value
  • N.A.
• Nar­ra­tive
  • Bal­anc­ing Mar­ket. IB closed above VAH. H4-C‑D 1822.888 at VAL. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Val­ue Rejec­tion Up Sus­tained Auc­tion Up
• Hypo 2
  • Auc­tion Fade Short, vari­a­tion to Hypo 1
• Hypo 3
  • Failed Auc­tion Short (IBR too tight)

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1829.864
• D1-C‑S 1826.648

ZOIs for Pos­si­ble Long

• H4-C‑D 1822.888
• H4-C‑D 1816.730

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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