Premarket Prep Gold 12212020

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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 52 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. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

• Mov­ing deep­er into W1-C‑S 1888.729 and trad­ing above last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Inside Bar turn­ing H4-C‑D 1883.401 into a RBR if today clos­es up
    • Mid D1 swing
  • Asia mov­ing high­er tak­ing out supplies
  • H4 move away from H4-C‑D 1883.401
  • H4 Pin bar / Shoot­ing Star premarket
• Mar­ket Profile
  • 2‑day brack­et­ing
  • ADR: 25856
  • ASR: 16089
    • 410
  • Day
    • Yes­ter­day’s High 1889.520
    • Yes­ter­day’s Low 1877.330

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1883.401 at VAH

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 0.7xASR
• Sen­ti­ment
  • Slight­ly large imbal­ance. W1 C‑sup near­by. Pos­si­ble H4 Evening Star in process although can also become anoth­er RBR.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Return to Value
  • Pre­ferred: IB exten­sion down, Price action rever­sal, failed auc­tion and quick follow-through
• Hypo 2 — Swing Reversal
  • Pre­ferred: Bear­ish price action, IB exten­sion down and sus­tained auction

Addi­tion­al notes

• Brex­it talks are still on

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.729

ZOIs for Pos­si­ble Long

• H4-C‑D 1883.401

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