Premarket Prep Gold 12072020

07 Dec Premarket Prep Gold 12072020

#pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #day­trad­ing #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #XAUUSD #GOLD 

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 Week 50 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Week­ly Focus Points

• Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if possible. 

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing with­in last week’s body cur­rent­ly retraced more than 50% (2 days left in the candle)

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 arrival at D1 VWAP in DT after 3 up days and 4th day print­ing an Inside Bar
  • Pos­si­ble H4 Phase 3, new­ly formed sup­ply right on top of demand.
• Mar­ket Profile
  • Pro­files in UT and then a 2 day bracketing 
  • ADR: 27708
  • ASR: 18122
    • 460
  • Day
    • Yes­ter­day’s High 1848.085
    • Yes­ter­day’s Low 1829.079

Sen­ti­ment

• Loca­tions
  • New­ly formed H4 sup­ply at VAH
• Sen­ti­ment
  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.2xASR
  • Sen­ti­ment
    • Mod­er­ate imbal­ance. Dai­ly formed an inside bar on Fri­day but had 3 pre­vi­ous up days so we could see a slight cor­rec­tion in the mar­ket. The pro­file sen­ti­ment ini­tial­ly backs up that thesis. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Trend Continuation
  • Pre­ferred: IB exten­sion Down (momen­tum), sus­tained auction. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• No sig­nif­i­cant sup­plies overhead

ZOIs for Pos­si­ble Long

• H4-C‑D 1.1840.142
• H4-C‑D 1.1811.027

Mind­ful Trading

• Feel­ing okay. 

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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