Premarket Prep Gold 01072021

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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. Still trad­ing with­in W1 QHi

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Bear Engulf after arrival at D1-C‑S 1954.946 giv­ing D1-C‑S 1941.237
  • H4 big move down (clos­ing below D1 QHi) to H4 50MA fol­lowed by an Inside Bar cre­at­ing some demand and consolidaiton
• Mar­ket Profile
  • Wide val­ue area yes­ter­day in a 2 day brack­et­ing range with con­se­quent­ly price trad­ing way below
  • ADR: 26887
  • ASR: 15309
    • 390
  • Day
    • Yes­ter­day’s High 1959.160
    • Yes­ter­day’s Low 1900.820

Sen­ti­ment

• Loca­tions
  • D1-C‑S 1941.237 at VAL
• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.2xASR
  • Sen­ti­ment
    • Large Imbal­ance. Dead Cat Bounce? A con­sol­i­da­tion formed after a big move down bounc­ing off H4 50MA. Open sen­ti­ment sug­gest a mean rever­sion but will let order flow and price action guide. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Mean Reversion
  • Pre­ferred: Strong bull­ish price action, IB exten­sion up, sus­tained auction. 
• Hypo 2 Trend Continuation
  • Pre­ferred: Strong Bear­ish pa, IB exten­sion down with sus­tained auction. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1954.946
• D1-C‑S 1941.237

ZOIs for Pos­si­ble Long

• MN-C‑D 1877.953 coin­cid­ing with D1 demand

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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