Premarket Prep Gold 01192021

GBPNZD in a too tight range thus focus­ing on Gold today. 

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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 3 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

• Only take trades accord­ing to a hypo unless there are mul­ti­ple con­di­tions met

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing at W1 C‑dem

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Gap down to D1 QLo (after clos­ing down from con­sol­i­da­tion) with con­se­quent gap fill and con­tin­u­a­tion push­ing high­er clos­ing strong
    • Mid D1 swing
  • H4 Con­sol­i­da­tion (with one long sell­ing wick) at H4 VWAP in DT
    • mid H4 swing
  • Pre­mar­ket H4 closed as anoth­er con­sol­i­da­tion with long sell­ing wick
• Mar­ket Profile
  • Price trad­ing below over­all brack­et­ing range
  • ADR: 31387
  • ASR: 19697
    • 495
  • Day
    • Yes­ter­day’s High 1856.740
    • Yes­ter­day’s Low 1823.360

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1844.705 at M30 QHi
• Sen­ti­ment
  • LN open
    • Above Val­ue, Inside Range
  • Open dis­tance to value
    • 0.1xASR
  • Sen­ti­ment
    • Mod­er­ate Imbalance
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 —  Trend Con­tin­u­a­tion / Return to Value
  • Pre­ferred: Strong Bull­ish price action tak­ing out LTF sup­ply clos­ing well with­in H4 sup­ply. IB exten­sion up and sus­tained auction 
• Hypo 2 — Swing Reversal
  • Pre­ferred: Move up to H4 C‑sup, Bear­ish Price action rever­sal with­in IB and con­se­quent move down (per­haps too wide IB and exten­sion up with failed auc­tion). Mon­i­tor for exten­sion down. 
• Hypo 3 — Val­ue Acceptance
  • Pre­ferred: Ear­ly accep­tance and fol­low-through, IB exten­sion down (tak­ing out H4 demand) with sus­tained auction.
  • Pos­si­ble fol­low-through down
• Hypo 4 — respon­sive activity

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.402
• H4-C‑S 1844.705

ZOIs for Pos­si­ble Long

• MN-C‑D 1877.953 coin­cid­ing with D1 demand
• D1-C‑D 1847.306
• 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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