Premarket Prep Gold 01262021

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 slight­ly with­in pre­vi­ous week’s candle

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Spin­ning top with slight­ly longer sell­ing wick
  • H4 Phase 1 or 3
  • H4 RBR to H4 VWAP in Range with con­se­quent reac­tion and trad­ing down clos­ing as a ‘big’ Bear Engulf
• Mar­ket Profile
  • Wide val­ue area, 2‑day bracket
  • ADR: 26856
  • ASR: 18219
    • 460
  • Day
    • Yes­ter­day’s High 1867.800
    • Yes­ter­day’s Low 1847.170

Sen­ti­ment

• Loca­tions
• Sen­ti­ment
  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.1xASR
  • Sen­ti­ment
    • Mod­er­ate Imbal­ance at the ‘bot­tom’ with­in over­all range. Although there is a pos­si­ble nar­ra­tive on D1 for fur­ther move down due to incom­plete for­ma­tion. Price trad­ing at D1 200MA (test­ed mul­ti­ple times).
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Acceptance
  • Pre­ferred: Ear­ly accep­tance with quick follow-through.
  • Con: Price trad­ing at H4 QHi
• Hypo 2 — ‘Trend’ Continuation
  • Pre­ferred: Ear­ly tak­ing out of LTF demand, IB exten­sion down 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

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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