20211111 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 tak­ing out W1 Sup­ply End
• Price arrived at W1 QHi

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 closed high­er but with a longer sell­ing wick react­ing off W1/D1 QHi
  • H4 closed high­er react­ing off old H4 sup­ply to side­ways trading
  • More range dur­ing Lon­don at the moment
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Strong uptrend 3/3
• Mar­ket Profile
  • 2 over­lap­ping val­ues with price trad­ing above
• Dai­ly Range
  • ADR: 24255
  • ASR: 17026
    • 426
  • ASR Short: 6614
    • 165
  • Day
    • Yes­ter­day’s High 1868.380
    • Yes­ter­day’s Low 1822.300

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 1.77xASR
• Nar­ra­tive
  • Huge Imbal­ance. Pos­si­bil­i­ty for a con­tin­u­a­tion instead of a mean rever­sion. Although Prev. Day exceed­ed ADR by 1.90. Asia closed high­er but failed to close with­in D1 QHi. Lon­don is trad­ing more than NY. Main move might hap­pen dur­ing Lon­don. Strong uptrend. W1/D1 sup­ply got tak­en out although due to arrival at D1/W1 QHi there might be a reac­tion. ADR exhaus­tion not far above IB.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Mean Rever­sion Sus­tained Auc­tion Down
• Hypo 2
  • Auc­tion Fade Long, vari­a­tion to Hypo 1
• Hypo 3
  • Sus­tained Auc­tion Up
• Hypo 4
  • Auc­tion Fade Short, vari­a­tion to Hypo 3

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1864.402 OLD

ZOIs for Pos­si­ble Long

• H4-C‑D 1822.888

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

• Twit­ter
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