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09 Apr Premarket Prep Gold 20210409
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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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Weekly Focus Points
- Min. 3 times hitting the gym + mandatory cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
Compared against Weekly Trading Plan
- Trading above consolidation range and W1 demand
Non-conjecture observations of the market
- Price action
- D1 RBR giving D1-C‑D 1743 BASE nearing D1 Supply End 1760.50 but not (yet) taken out
- Mid D1 swing with RBR rejection D1 QLo
- Price trading within H4 QHi which is wide, price faltering within H4-C‑S 1751
- Trend: H4 up, D1 up, W1 up
- Prevailing trend: strong uptrend although still within D1 supply
- Market Profile
- Values still in UT
- Daily Range
- ADR: 21374
- ASR: 12294
- 310
- Day
- Yesterday’s High 1758.610
- Yesterday’s Low 1733.070
Sentiment
- Locations
- H4 c‑sup within range above value
- D1-C‑D 1743 BASE at VAL and H4 VWAP in UT
- Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.1xASR
- Premarket
- Moderate Imbalance. Near proximity to VAH. Value acceptance is a possibility.
- Narrative
- Value got accepted during A and B formed an Inside bar with long buying wick although price hasn’t rotated through value yet. VAL ar M30 QLo and H4 VWAP in UT as well as D1 BASE level.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Value Acceptance
- Narrative: near proximity to value edge
- Preferred: Early acceptance with quick follow-through
- Con: D1 base demand at VAL
- Hypo 2 — Return to Value
- Narrative: Due to D1-C‑D 1743 BASE and value edge there might be enough buyers to push price higher in line with the D1 RBR to potentially take out supply
- Preferred: Strong Bullish price action with IB extension up with sustained auction
- Con: IB extension down, Friday profit-taking
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- H4-C‑S 1751
ZOIs for Possible Long
- D1-C‑D 1743 BASE
- H4-C‑D 1732.717
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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