Premarket Prep Gold 01042021

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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 Week 1 Trad­ing Plan

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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. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

• Mov­ing deep­er into W1-C‑S 1888.402 and trad­ing above last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Gap up and price took out H4/D1 supply
• Mar­ket Profile
  • Val­ue cre­at­ed below the brack­et­ing range with price cur­rent­ly trad­ing above it. ADR exhaust­ed to the upside. 
  • ADR: 23770
  • ASR: 16310
    • 408
  • Day
    • Yes­ter­day’s High 1900.230
    • Yes­ter­day’s Low 1885.290

Sen­ti­ment

• Loca­tions
  • N.A.
• Sen­ti­ment
  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.9xASR
  • Sen­ti­ment
    • Excep­tion­al­ly large imbal­ance and ADR got exhaust­ed after H4/D1 sup­ply got tak­en out. Either some mean rever­sion is com­ing up or we are in for a uni­di­rec­tion­al session. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Trend Continuation
  • Pre­ferred: Bull­ish Price action with IB exten­sion up and sus­tained auction
• Hypo 2 — Mean Reversion
  • Pre­ferred: Price action rever­sal, IB extend­ing over fol­lowed with failed auc­tion and quick follow-through.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.402

ZOIs for Pos­si­ble Long

• MN-C‑D 1877.953

Mind­ful Trading

• Not going to trade today

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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