Premarket Prep Gold 12242020

24 Dec Premarket Prep Gold 12242020

#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 closed as an Inside Bar retrac­ing more than 50%
  • H4 Bull Engulf at H4-C‑D 1861.152 after a con­sol­i­da­tion fol­lowed by a base (giv­ing H4-C‑D 1871.736) and ral­ly arriv­ing at H4-C‑S 1877.561  (test­ing twice)
  • H4 closed as a doji with slight­ly longer buy­ing wick just below H4-C‑S 1877.561
• Mar­ket Profile
  • Val­ue cre­at­ed below the brack­et­ing range with price cur­rent­ly trad­ing above it
  • ADR: 27419
  • ASR: 18700
    • 470
  • Day
    • Yes­ter­day’s High 1878.430
    • Yes­ter­day’s Low 1857.200

Sen­ti­ment

• Loca­tions
  • N.A.
• Sen­ti­ment
  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.4xASR
  • Sen­ti­ment
    • Mod­er­ate to slight­ly large imbal­ance. Due to H4 Phase 2 hit­ting sup­ply we might see a con­tin­u­a­tion or tran­si­tion to phase 3 / 4.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Trend Continuation
  • Pre­ferred: Bull­ish Price action with IB exten­sion up and sus­tained auction
• Hypo 2 — Return to Value
  • Pre­ferred: IB exten­sion down with price action rever­sal fail­ing auc­tion and move high­er form­ing a Neu­tral Day

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 1871.736
• 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
• Insta­gram