Premarket Prep Gold 20210322

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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 12 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

• Only trade the main account
• Focus on time-based exits
• Don’t look at M5 chart unless with­in the last hour of trad­ing window

Com­pared against Week­ly Trad­ing Plan

• Trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Con­sol­i­da­tion cur­rent­ly trad­ing below consolidation
  • Close below H4 QHi with no fol­low-through (yet) price closed above H4 50MA with­in demand H4-C‑D 1734
  • Mid H4 swing.
  • Pre­mar­ket: H4 DBD into demand
• Trend: H4 up, D1 down, W1 down
• Mar­ket Profile
  • 4- day bracketing
  • ADR: 25873
  • ASR: 16148
    • 410
  • Day
    • Yes­ter­day’s High 1746.640
    • Yes­ter­day’s Low 1725.100

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1742.467 at VAH
• Sen­ti­ment
  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.5xASR
  • Nar­ra­tive
    • Mod­er­ate to large imbal­ance. Opened above M30 QLo.
• Clar­i­ty (1–5, 5 being best)
  • 2
• Hypo 1 — Swing Reversal
  • Nar­ra­tive: D1 con­sol­i­da­tion being at the bot­tom of the range, H4 c‑sup, M30 QHi
  • Pre­ferred: IB exten­sion up and sus­tained auc­tion to val­ue edge to price action reversal
  • Con: Medi­um time­frame bull­ish sentiment 
• Hypo 2 — Respon­sive activity
  • Nar­ra­tive: D1 consolidation
  • Pre­ferred: watch­ing paint dry
• Hypo 3 — Trend continuation
  • Nar­ra­tive: H4 DBD close with­in demand, Price trad­ing at D1 VWAP in DT
  • Pre­ferred: con­fi­dent close below IB with sus­tained auction
  • Con: IB extend­ed above, trad­ing right into demand.

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1742.467
• D1-C‑S 1725.10 BASE

ZOIs for Pos­si­ble Long

• H4-C‑D 1734
• W1-C‑D 1730
• D1-C‑D 1707.500

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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