Premarket Prep Gold 01252021

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

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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 4 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 high­er near­ing W1-C‑S 1889.402 and W1 VWAP CAR with slight reac­tion off supply/VWAP

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Push high­er towards D1 VWAP in Range form­ing an Evening Star test­ing under­ly­ing demand at W1‑C‑D 1839.109 (plus new­ly formed D1 demand). Reac­tion off said demand left a long buy­ing wick behind.
  • Mid D1/W1 Swing
  • Price con­sol­i­dat­ing below H4 QHi with fin­ish­er but no fol­low-through, price trad­ing with­in H4-C‑D 1855.975 demand, some sup­ply right on top
• Mar­ket Profile
  • Wide val­ue area, mid­dle of over­all range
  • ADR: 27945
  • ASR: 19077
    • 480
  • Day
    • Yes­ter­day’s High 1869.850
    • Yes­ter­day’s Low 1837.220

Sen­ti­ment

• Loca­tions
  • ADR 0.5 high at pre­vi­ous day’s high and LTF supply
  • ADR 0.5 low near pre­vi­ous day low and LTF demand
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Bal­anc­ing Mar­ket / Val­ue Rejec­tion Failure
  • Place off near­by LTF SD, ADR levels
• Hypo 2 — Val­ue Rejec­tion Down
  • Pre­ferred: Con­fi­dent close below VAL, IB exten­sion down with sus­tained auction
• Hypo 3 — Val­ue Rejec­tion Up
  • Pre­ferred: Con­fi­dent close above VAH, IB exten­sion up with sus­tained auction

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.402
• H4-C‑S 1869.965

ZOIs for Pos­si­ble Long

• MN-C‑D 1877.953 coin­cid­ing with D1 demand
• H4-C‑D 1855.975
• D1-C‑D 1847.306

Mind­ful Trading

• Feel­ing okay but have been sick the last 3 days. Still a bit sluggish. 

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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