20211112 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 but no reac­tion (yet)

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Closed high­er tra­vers­ing 0.95xADR
  • H4 closed low­er react­ing off old H4 sup­ply clos­ing below D1 QHi
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 3/3
• Mar­ket Profile
  • Val­ues in UT
• Dai­ly Range
  • ADR: 24239
  • ASR: 16972
    • 424
  • ASR Short: 6890
    • 172
  • Day
    • Yes­ter­day’s High 1865.880
    • Yes­ter­day’s Low 1842.830

Sen­ti­ment

• LN open
  • Below Val­ue, With­in Range
• Open dis­tance to value
  • 0.11xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. Pos­si­ble devel­op­ing H4 DBD. Price trad­ing at W1 QHi and closed below D1 QHi. Although the trend is still up 3/3. Today being Fri­day there could be a ‘breather’ to the uptrend all week.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • VAL Rever­sal, pos­si­ble Failed Auc­tion Short
• Hypo 2
  • Val­ue Acceptance
• Hypo 3
  •  Sus­tained Auc­tion Short
• Hypo 4
  •  Auc­tion Fade Long

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

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