Premarket Prep Gold 12232020

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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

• Trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 fol­low-through down
  • H4 DBD from H4-C‑S 1877.561 arriv­ing at H4-C‑D 1861.152 fol­lowed by a consolidation
  • H4 Closed break­ing up from con­sol­i­da­tion above H4-C‑D 1861.152
• Mar­ket Profile
  • 4 day brack­et­ing range
  • ADR: 28108
  • ASR: 18654
    • 470
  • Day
    • Yes­ter­day’s High 1884.200
    • Yes­ter­day’s Low 1858.850

Sen­ti­ment

• Loca­tions
  • 1877.561 above VAH
• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.2xASR
  • Sen­ti­ment
    • Mod­er­ate to slight­ly large imbal­ance. With H4 demand below we could see a val­ue accep­tance and rotation.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Acceptance
• Hypo 2 — Swing Reversal
  • After VAA we could see a rever­sal at H4 supply
  • Pre­ferred: VAA + rota­tion, IB exten­sion up, TPO struc­ture build up, Price action rever­sal. Prefer­ably sin­gle print fade.
• Hypo 3 — Return to Value
  • Fail­ure to accept value
  • Pre­ferred: price action rever­sal with IB exten­sion down and 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

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