Premarket Prep Gold 12112020

11 Dec Premarket Prep Gold 12112020

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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

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 reject­ing over­head sup­ply pos­si­bly form­ing an Inside bar with long sell­ing wick but would need today to close to be certain.

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 closed as an Inside bar with slight­ly longer sell­ing wick after the bear engulf with­in the D1 Base demand
  • H4 show­ing bal­anc­ing mar­ket although closed as an Evening star premarket
• Mar­ket Profile
  • With­in value
  • ADR: 28582
  • ASR: 18877
    • 480
  • Day
    • Yes­ter­day’s High 1863.817
    • Yes­ter­day’s Low 1828.570

Sen­ti­ment

• Loca­tions
  • ADR 0.5 low at bot­tom of LTF demand
• Sen­ti­ment
  • LN open
    • With­in value
  • Open dis­tance to value
    • 1.1 x ASR
  • Sen­ti­ment
    • Due to price hav­ing return to a D1 base demand we could see a con­tin­u­a­tion down. The D1 Inside bar with slight­ly longer sell­ing wick would point could point in the same direction. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Respon­sive activ­i­ty — Val­ue Rejec­tion Failure
  • Play off near­by LTF SD, ADR 0.5
• Hypo 2 — Val­ue Rejec­tion Down
  • Pre­ferred: Ib exten­sion Down (momen­tum) sus­tained auction
• Hypo 3 — Val­ue Rejec­tion up
  • Pre­ferred: Ib exten­sion Up (momen­tum) sus­tained auction

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.729
• H4-C‑S 1873.428
• D1-C‑S 1863.817

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

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