NY Premarket Prep Gold 20210610

#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:

Gold Week 23 Trad­ing Plan

See more

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 below last week’s body of the Bear­ish Inside bar but with­in range of the buy­ing wick

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Slight con­tin­u­a­tion down on the D1 Bear­ish Inside bar form­ing a Three Out­side Down giv­ing D1-C‑S 1892.536 clos­ing with­in D1 demand slight­ly below D1 QHi
  • H4 Phase 4 with price hav­ing touched H4 QLo and H4-C‑D 1871.527 at the open and price react­ing off it higher
• Trend: H4 Down, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 2/3
• Mar­ket Profile
  • 4‑day brack­et
• Dai­ly Range
  • ADR: 23657
  • ASR: 11074
    • 277
  • Day
    • Yes­ter­day’s High 1898.830
    • Yes­ter­day’s Low 1887.290

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1892.536 with­in value
• Sen­ti­ment
  • NY open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.26xASR
  • Pre­mar­ket
    • H4 closed lower
  • Nar­ra­tive
    • Large Imbal­ance at the open and ECB report com­ing out made price shoot up from the open test­ing value’s edge right now. This cre­at­ed 1.94xASR wide IBR con­ducive to respon­sive activ­i­ty for the remain­der of the ses­sion. ADR got exhausted.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Failed Auction
  • Nar­ra­tive: Huge IBR, respon­sive activity
  • Pre­ferred: Price extends IBR high for but fails the auc­tion, M5/M15 PA rever­sal at PNYC, 
  • Con: Very wide IBR to cut expec­ta­tions short for a prof­it target
• Hypo 2 — Fad­ing the Auction
  • Nar­ra­tive: Huge IBR, respon­sive activity
  • Pre­ferred: Price over­shoots IB to the upside form­ing PA rever­sal at D1 C‑sup with TPO struc­ture, per­haps a Sin­gle Print Fade
  • Con: Very wide IBR to cut expec­ta­tions short for a prof­it target
• Hypo 3 — Val­ue Acceptance
  • Nar­ra­tive: Was going to say open sen­ti­ment but that’s not true as it is a mile away. 
  • Pre­ferred: ear­ly close with­in val­ue and quick rota­tion (already play­ing out)
  • Con: Val­ue very tight and H4 c‑sup with­in value

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1899.150
• D1-C‑S 1892.536

ZOIs for Pos­si­ble Long

• H4-C‑D 1871.527

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

• Twit­ter
• Insta­gram