Premarket Prep Gold 01272021

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 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 DBD but clos­ing above D1 200MA
  • H4 Evening Star DBD clos­ing below H4 50MA in R still trad­ing with­in H4 demand
  • Pre­mar­ket: Closed retrac­ing almost all of pre­vi­ous bar (back to the base lev­el) as a bull­ish Inside Bar after react­ing off W1-C‑D 1839.109
• Mar­ket Profile
  • 3‑day brack­et­ing range
  • ADR: 26173
  • ASR: 16675
    • 420
  • Day
    • Yes­ter­day’s High 1861.630
    • Yes­ter­day’s Low 1848.150

Sen­ti­ment

• Loca­tions
  • H4 LKC in R at W1-C‑D 1839.109
  • H4-C‑S 1851.201 BASE at H4 50MA in R near VAL
• Sen­ti­ment
  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • With­in 0.1xASR
  • Sen­ti­ment
    • Mod­er­ate Imbal­ance. Due to a retrace­ment back to the base lev­el we could see a con­tin­u­a­tion high­er although H4 VWAP in R is in the way. Long or short are both tricky as price is trad­ing with­in or direct­ly into sup­ply or demand. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Acceptance
  • Pre­ferred: Ear­ly accep­tance and quick follow-through
• Hypo 2 — Return to Value
  • Pre­ferred: Fail­ure to accept val­ue, price action con­firm­ing rever­sal, IB exten­sion down with sus­tained auction. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.402
• H4-C‑S 1869.965
• H4-C‑S 1851.201 BASE

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 although a lit­tle uneasy due to exter­nal fac­tors. I will be extra cau­tious today.

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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