Premarket Prep Gold 12162020

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #XAUUSD #GOLD 

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 51 Trad­ing Plan

See more

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 form­ing an Inside bar with long sell­ing wick and is cur­rent­ly trad­ing with­in the demand

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Bull Engulf giv­ing D1-C‑D 1837.559 and price is near­ing D1-C‑S 1863.817 trad­ing with­in D1 QHi
  • H4 Phase 2 near­ing H4 QHi fol­lowed by an Inside bar retrac­ing more than 50%
• Mar­ket Profile
  • Val­ues slop­ing up
  • ADR: 27133
  • ASR: 15762
    • 400
  • Day
    • Yes­ter­day’s High 1855.28
    • Yes­ter­day’s Low 1825.420

Sen­ti­ment

• Loca­tions
  • N.A.
• Sen­ti­ment
  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.5 x ASR
  • Sen­ti­ment
    • Slight­ly large imbal­ance. Even though there was a H4 Inside Bar formed pre­mar­ket there could still be a good chance for a bull­ish move as we have not ful­filled the mean rever­sion cri­te­ria and there is still some way to go to H4 QHi
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Trend Continuation
  • Pre­ferred: Strong bull­ish price action. IB exten­sion up (momen­tum). Sus­tained auction.
• Hypo 2 — Swing Rever­sal / Mean Reversion
  • Pre­ferred: IB exten­sion up (ful­fill­ing mean rever­sion cri­te­ria) fol­lowed by rever­sal price action and failed auction. 
• Hypo 3 — Return to Value
  • IB exten­sion Down fol­lowed by rever­sal price action and failed auction
• Hypo 4 — Val­ue Acceptance

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.729
• D1-C‑S 1863.817

ZOIs for Pos­si­ble Long

• D1-C‑D 1837.559

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
• Insta­gram