20211119 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 made a HH and is cur­rent­ly trad­ing with­in last week’s body, with­in W1 QHi

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Inside Bar clos­ing with­in new­ly formed demand from Bull Engulf, price still trad­ing with­in D1 QHi
  • Pos­si­ble D1 Phase 3
  • H4 failed to close high­er with­in sup­ply and formed a Bear Engulf giv­ing H4-C‑S 1859.500 at VAL
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 3/3
• Mar­ket Profile
  • 2 over­lap­ping val­ues with­in over­all range
• Dai­ly Range
  • ADR: 21761
  • ASR: 15781
    • 395
  • ASR Short: 8496
    • 212
  • Day
    • Yes­ter­day’s High 1870.890
    • Yes­ter­day’s Low 1855.050

Sen­ti­ment

• LN open
  • Below Val­ue, With­in Range
• Open dis­tance to value
  • 0.16xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. Open Sen­ti­ment below val­ue at D1/W1 QHi sug­gest a pos­si­ble turn in sen­ti­ment. New H4 sup­ply formed at VAL with Bear Engulf clos­ing slight­ly below D1/W1 QHi. Although trad­ing with­in D1 demand near­ing H4 50MA in UT. Pos­si­ble D1 Phase 1 / 3. Trend is UP 3/3 still. Asia extend­ed to the upside. IBR took out some LTF demand. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Sus­tained Auc­tion Down
• Hypo 2
  • Val­ue Acceptance
• Hypo 3
  • Failed Auc­tion Short
• Hypo 4
  • Auc­tion Fade Long
• Hypo 5
  • Failed Auc­tion Long

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.859
• H4-C‑S 1863.819
• H4-C‑S 1859.500

ZOIs for Pos­si­ble Long

• H4-C‑D 1856.414
• H4-C‑D 1851.556

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
• Insta­gram