08 Jan Premarket Prep Gold 01082021
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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
- 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
- Moved below W1 QHi but no D1 close yet
Non-conjecture observations of the market
- Price action
- Price trading mid D1 Q swing, possible Phase 4
- Possible H4 phase 1 / 3 (redistribution) with supply and demand right on top of one and other
- H4 closing down below H4 50MA premarket, M30 Bear Engulf formed premarket
- Market Profile
- Wide value area yesterday in a 2 day bracketing range with consequently price trading way below
- ADR: 26925
- ASR: 15376
- 390
- Day
- Yesterday’s High 1927.580
- Yesterday’s Low 1906.840
Sentiment
- Locations
- ADR exhaustion within H4 QLo
- Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.6xASR
- Sentiment
- Moderate to large imbalance. Was thinking to go short at the open but thought I’d give it a minute before entering but a massive drop happened.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Trend Continuation
- Preferred: Taking out of demand. IB extension (which now will be suspect as IB already traversed 1.7xASR.
- Hypo 2 — Mean Reversion
- Preferred: IB extension down followed by a failed auction and quick follow-through
Additional notes
- Non-farm today
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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