Premarket Prep Gold 02012021

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 5 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

• Trad­ing above last week’s spin­ning top

Non-con­jec­ture obser­va­tions of the market

• Price action
  • 2 con­sec­u­tive days of a move high­er but with very long sell­ing wick tak­ing out pre­vi­ous demand
  • H4 spin­ning top with slight­ly longer sell­ing wick
• Mar­ket Profile
  • Price cre­at­ed a wide val­ue area slight­ly below the 3‑day bracket
  • ADR: 26967
  • ASR: 19610
    • 490
  • Day
    • Yes­ter­day’s High 1875.580
    • Yes­ter­day’s Low 1839.52

Sen­ti­ment

• Loca­tions
  • W1/D1 C‑dems at VAL
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing. LN open just below VAH after a M30 Three Inside Down was formed below ADR 0.5 high. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Bal­anc­ing Mar­ket / Val­ue Rejec­tion Failure
  • Nar­ra­tive: LN open with­in val­ue. Play off near­by LTF and ADR levels. 
• Hypo 2 — Val­ue Rejec­tion Up
  • Nar­ra­tive: W1 Base into Ral­ly nar­ra­tive (although it’s just the first day of the week so) backed by a pos­si­ble H4 RBR.
  • Pre­ferred: Take out LTF sup­ply exhaust­ing ADR, IB exten­sion up with sus­tained auction. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1889.101
• H4-C‑S 1858.434

ZOIs for Pos­si­ble Long

• H4-C‑D 1848.932
• W1-C‑D 1838.170

Mind­ful Trading

• Feel­ing slight­ly less sharp. Per­haps the week­end trip took more out of me then I thought. Extra cau­tion 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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