20211209 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 50 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 is com­ing from W1 QHi rejec­tion cur­rent­ly trad­ing with­in last week’s body

Sen­ti­ment

• LN open
  • Open With­in Value
• Open dis­tance to value
  • N.A.
• Mar­ket Profile
  • Wide val­ue cre­at­ed above the previous
• Nar­ra­tive
  • Lit­tle D1 RBR and price is trad­ing above demand although no con­fi­dent break from range. D1 sup­ply just above. D1 QLo not rejected
  • H4 Bear Engulf at D1 Supply
  • Price com­ing from H4 QLo rejec­tion although with larg­er time­frame bear­ish sen­ti­ment and no D1 QLo rejec­tion (yet) there could be more down­side. Hav­ing said this; it is Decem­ber and insti­tu­tions are prob­a­bly get­ting ready to go on hol­i­day so there might be some range bound move­ment com­ing up instead.
  • Yes­ter­day cre­at­ed a wide value
  • Open with­in value
  • Asia formed a Neu­tral Day but closed high­er form­ing a H4 Three Inside Up
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Failed Auc­tion Long
• Hypo 2
  • Late-Sus­tained Auc­tion Short, Val­ue Rejec­tion Down
• Hypo 3
  • Weak­ness From With­in IBR
• Hypo 4
  • Auc­tion Fade Long

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1790.962

ZOIs for Pos­si­ble Long

• H4-C‑D 1771.866
• W1-C‑D 1763.670

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing tired

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 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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