Premarket Prep Gold 01142021

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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 2 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

• React­ing off W1 demand after Bear Engulf was formed

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 retraced the third bar of THree Out­side Up back to under­ly­ing demand 
  • H4 Inside bar with slight­ly longer sell­ing wick premarket
• Mar­ket Profile
  • Val­ue formed above Monday’s value
  • ADR: 34435
  • ASR: 19003
    • 475
  • Day
    • Yes­ter­day’s High 1862.960
    • Yes­ter­day’s Low 1841.790

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1859.349 above VAH
• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.6xASR
  • Sen­ti­ment
    • Mod­er­ate to large imbal­ance. Price trad­ing at H4 VWAP in DT and trad­ing with­in D1 demand at 200MA. H1 Pin­bar cre­at­ed react­ing of W1 C‑dem.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Swing Reversal
  • Pre­ferred: Price trades slight­ly low­er to mean rever­sion lev­el then cre­at­ing bull­ish price action and IB exten­sion up with sus­tained auction. 
• Hypo 2 — Trend Continuation
  • Pre­ferred: Price closed with­in under­ly­ing demand. IB exten­sion down with sus­tained auc­tion (prob­a­bly low/medium activ­i­ty day).

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.402
• H4-C‑S 1859.349

ZOIs for Pos­si­ble Long

• MN-C‑D 1877.953 coin­cid­ing with D1 demand
• H4-C‑D 1844.527 & W1-C‑D 1839.109

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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