Premarket Prep Gold 12042020

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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 49 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

• Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if possible. 

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing with­in last week’s body cur­rent­ly retraced more than 50% (2 days left in the candle)

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Phase 2 after strong bull engulf giv­ing D1-C‑D 1786.586 near­ing D1 VWAP in DT
  • New H4–C‑D 1840.142 formed after a pull­back, cur­rent­ly consolidating. 
  • Mid H4 swing
• Mar­ket Profile
  • Pro­files in UT
  • ADR: 29164
  • ASR: 18232
    • 46
  • Day
    • Yes­ter­day’s High 1843.786
    • Yes­ter­day’s Low 1823.556

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1840.142 with­in value
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • Bal­anc­ing mar­ket. Although due to new­ly formed H4 C‑dem we could see a val­ue rejec­tion up. Hav­ing said that there might be some prof­it-tak­ing instead. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Trend Con­tin­u­a­tion / val­ue rejec­tion up
  • Pre­ferred: val­ue rejec­tion up through strong bull­ish pat­tern tak­ing out LTF sup­ply. IB exten­sion up (momen­tum) with sus­tained auction. 
  • Anoth­er oppor­tu­ni­ty might be a rever­sal at ADR 0.5 high. Mon­i­tor for PA rever­sal, TPO struc­ture, sin­gle print fade. Failed auction. 
• Hypo 2 — Val­ue Rejec­tion Down
  • Pre­ferred: Strong bear­ish pat­tern with a hold be low VAL. Sus­tained auction. 

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• No sig­nif­i­cant sup­plies overhead

ZOIs for Pos­si­ble Long

• H4-C‑D 1.1840.142
• H4-C‑D 1.1811.027

Mind­ful Trading

• Didn’t sleep too well last night but 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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