20211115 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 46 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 with­in last week’s body and W1 QHi

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Ham­mer at D1 QHi with no close below D1 QHi (yet)
  • H4 Bear Engulf giv­ing H4-C‑S 1864.377 at old sup­ply. Inside Bar formed at H4-C‑D 1856.280 (which was formed through a H4 Bull Engulf).
  • Pos­si­ble H4 Phase 1 / 3
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 3/3
• Mar­ket Profile
  • Wider val­ue cre­at­ed below the previous
• Dai­ly Range
  • ADR: 23261
  • ASR: 16000
    • 400
  • ASR Short: 7406
    • 185
  • Day
    • Yes­ter­day’s High 1868.530
    • Yes­ter­day’s Low 1845.220

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 0.30xASR
• Nar­ra­tive
  • Mod­er­ate to Large Imbal­ance. Open below H4 Bear Engulf that closed slight­ly below D1 QHi. Pos­si­ble devel­op­ing H4 DBD. Pos­si­ble H4 Phase 1 / 3.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Return to Val­ue, VAH rever­sal long, pos­si­ble Failed Auc­tion Long
• Hypo 2
  • Sus­tained Auc­tion Short, to val­ue acceptance 
• Hypo 3
  • Auc­tion Fade Long

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1864.402

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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