09 Jun NY Premarket Prep Gold 20210609
#fintwit #orderflow #daytrading #premarketprep #XAUUSD #GOLD #Forextrader #forex #FX #Forexlifestyle #daytrade #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife
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 working out at home + mandatory cardio
- Trading rules
- Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
- 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
- Buffer trades (profit target >1R) are allowed and encouraged
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No social media / messenger apps / phone calls allowed during the trading window
Compared against Weekly Trading Plan
- Price trading within last week’s body at W1-C‑S 1890.750
Non-conjecture observations of the market
- Price action
- D1 Closed as a Bearish Inside bar but with a longer buying wick after reacting off D1-C‑S 1899.150 (back trading within D1 QHi)
- Price trading above D1-C‑D 1890.750 (W1 c‑sup)
- H4 Bear Engulf at previous supply and H4 QHi giving H4-C‑S 1892.583
- Possible H4 Phase 3
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is up 2/3
- Market Profile
- 3‑day bracketing range although sloping higher
- Daily Range
- ADR: 24529
- ASR: 11649
- 291
- Day
- Yesterday’s High 1903.490
- Yesterday’s Low 1883.890
Sentiment
- Locations
- H4-C‑S 1892.583 within value
- D1-C‑S 1899.150 Above value, within range below ASR high
- D1-C‑D 1890.750 below value
- Sentiment
- NY open
- Within value
- Open distance to value
- N.A.
- Premarket
- Continuation to the H4 Bear Engulf closing above H4 VWAP
- Narrative
- Balancing Market. 3‑day overlapping values forming a bracket although sloping slightly higher. Plus the open inside there and nearby Supply above value there could be a value rejection failure. If price can hold above VAH in a sustained auction there could be a continuation of the rejection in line with a possible D1 RBR (although yesterday closed as a Bearish Inside Bar). Trend is still up which could provide a continuation higher.
- NY open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Balancing Market / Value Rejection Failure
- Narrative: bracket, open sentiment, nearby supply above and demand below value
- Preferred: Extension above or below value hitting D1 C‑sup or D1 c‑dem (in case of a move lower), PA reversal failing the auction or perhaps when over-extended a possibility to fade the auction.
- Con: Trend is up
- Hypo 2 — Value Rejection Down
- Narrative: W1/D1 supply at QHi, Possible H4 phase 3, D1 Bearish Inside Bar (although with longer buying wick),
- Preferred: Strong close below VAL coinciding with an IB extension, profile making LLs and price closing below IB in a sustained move.
- Con: huge demand below
- Hypo 3 — Value Rejection Up
- Narrative: Possible D1 RBR, Trend is up 2 / 3,
- Preferred: Strong close above VAH coinciding with an IB extension, profile making HHs and price closing above IB in a sustained move.
- Con: trading right into W1/D1 Supply, possible H4 Phase 3,
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- D1-C‑S 1899.150
ZOIs for Possible Long
- D1-C‑D 1890.750
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Min. 3 times working out at home + mandatory cardio
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
No Comments