Premarket Prep Gold 12092020

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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 50 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 above last week’s Inside Bar and is near­ing W1-C‑S 1888.729 (still some ways to go)
• Price is near­ing MN-C‑D 1877.471 BASE

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 trad­ed high­er run­ning into D1 50MA with bar clos­ing much small­er as the pre­vi­ous run up
  • Slow down of price test­ing H4-C‑S 1873.428 with con­se­quent move down tak­ing out pre­vi­ous­ly formed H4 demand
  • Price above H4 VWAP in UT
• Mar­ket Profile
  • Dis­tance between pre­vi­ous two val­ue areas has widened sig­nif­i­cant­ly with price cur­rent­ly price trad­ing below val­ue area
  • ADR: 25625
  • ASR: 17220
    • 460
  • Day
    • Yes­ter­day’s High 1848.085
    • Yes­ter­day’s Low 1829.079

Sen­ti­ment

• Loca­tions
• Sen­ti­ment
  • LN open
    • Below Val­ue, Below Range
  • Open dis­tance to value
    • 0.1 xASR
  • Sen­ti­ment
    • Mod­er­ate Imbal­ance. Due to pre­mar­ket tak­ing out of H4 demand and open­ing right below yesterday’s low we could see a con­tin­u­a­tion to the move form­ing a H4 DBD although H4 VWAP in UT is in the way. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Trend Continuation
  • Pre­ferred Strong Bear­ish Price action, IB exten­sion down tak­ing out LTF demand. Sus­tained auction. 
• Hypo 2 —  Val­ue Acceptance
  • Pre­ferred: Ear­ly accep­tance with quick rotation.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.729
• H4-C‑S 1873.428

ZOIs for Pos­si­ble Long

• D1-C‑D 1839.702 BASE

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

• Twit­ter
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