Premarket Prep Gold 12222020

22 Dec Premarket Prep Gold 12222020

#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 52 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. 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 Bear Engulf with equal long buy­ing and sell­ing wick
  • H4 Evening Star with large drop fol­lowed by a consolidation
  • Pre­mar­ket closed as Bear Engulf leav­ing behind sup­ply H4-C‑S 1877.561 now trad­ing at H4 QLo
• Mar­ket Profile
  • Large val­ue area formed yesterday
  • 3 day bracketing
  • ADR: 28243
  • ASR: 18586
    • 470
  • Day
    • Yes­ter­day’s High 1906.640
    • Yes­ter­day’s Low 1854.980

Sen­ti­ment

• Loca­tions
  • H4-C‑D 1861.152 below VAL with­in range at ADR 0.5 low, H4 QLo
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A. 
  • Sen­ti­ment
    • Bal­anc­ing mar­ket. Trade off near­by LTF SD ZOIs, ADR 0.5 etc.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Bal­anc­ing Market
• Hypo 2 — Swing Reversal
  • Near­by H4 QLo, H4 C‑dem
  • Pre­ferred: Bull­ish price action, IB exten­sion up, sus­tained auction. 

Addi­tion­al notes

• Brex­it talks are still on

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1888.729
• H4-C‑S 1877.561

ZOIs for Pos­si­ble Long

• H4-C‑D 1861.152

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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