14 Apr Premarket Prep Gold 20210414
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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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Weekly Focus Points
- Min. 3 times hitting the gym + mandatory cardio
- Only trade the main account
- Be mindful of DTTZs
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
Compared against Weekly Trading Plan
- Trading last week’s body high still above last month’s body
Non-conjecture observations of the market
- Price action
- D1 Closed as a Bull Engulf giving D1-C‑D 1741.470 with longer buying wick after D1 VWAP BO to CAS
- Clean arrival at H4-C‑D 1726 with large follow-through through Three Inside Up to consolidating within H4 QHi
- Trend: H4 up, D1 up, W1 up
- Prevailing trend: Trend is up
- Market Profile
- Values in DT
- Daily Range
- ADR: 22481
- ASR: 13590
- 340
- Day
- Yesterday’s High 1748.850
- Yesterday’s Low 1723.670
Sentiment
- Locations
- Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 1.2xASR
- Premarket
- Large Imbalance. And price tested D1-C‑D 1741.470 and moved higher closing as H4 Bull engulf with longer buying wick after consolidation..
- Narrative
- Possible continuation to the D1 bull engulf even though price opened on a large imbalance. Could be a sign of strength behind the move.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Trend Continuation
- Narrative: Possible strength behind the move after D1 bull engulf at VWAP.
- Preferred: Strong Bullish price action with IB extension up and sustained auction.
- Con: running into H4-C‑S 1750.861
- Hypo 2 — Responsive activity
- Narrative: Medium timeframe speedbump
- Hypo 3 — Mean Reversion
- Narrative: Large imbalance at the open
- Preferred: Strong bearish price action taking out LTF demand with susatiend auction
- Con: H4 bull engulf with long buying wick (2nd chance entry D1 bull Engulf)
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- H4-C‑S 1750.861
- D1-C‑S 1743.50
ZOIs for Possible Long
- D1-C‑D 1743 BASE
- H4-C‑D 1732.717 / W1-C‑D 1730.366
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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