20 Apr Premarket Prep Gold 20210420
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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
- Price currently trading within last week’s body as a possible developing spinning top although way too early in the week to say anything conclusive other than price has reached W1 VWAP in DT
Non-conjecture observations of the market
- Price action
- Price moved higher to D1 QHi with a D1 50MA in DT BO to UKC (although no CAS as of yet) forming an D1 Inside Bar at D1 QHi with longer selling wick
- H4 Bear Engulf with buying wick formed at D1/H4 QHi giving H4-C‑S 1779.50 with slight continuation down to H4 VWAP in UT coinciding with H4-C‑D 1762.5
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is up coming from a W1 QLo rejection
- Market Profile
- Values still in UT although distance between has drastically decreased
- Daily Range
- ADR: 23302
- ASR: 14769
- 370
- Day
- Yesterday’s High 1789.970
- Yesterday’s Low 1766.650
Sentiment
- Locations
- H4-C‑S 1779.50 at VAL
- Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.6xASR
- Premarket
- H4 Inverted Hammer at H4 VWAP
- Narrative
- Moderate to large imbalance. Price having reached H4 VWAP in UT there could be a bounce from this level.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Responsive Activity
- Hypo 2 — Return to Value
- Narrative: Coming from D1/H4 QHi there might be a continuation
- Preferred: Strong bearish PA, IB extension down taking out LTF demand
- Con: Trend is up
- Hypo 3 — Trend Continuation
- Narrative: same as Hypo 2
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- H4-C‑S 1797
- H4-C‑S 1779.50
ZOIs for Possible Long
- H4-C‑D 1762.50
Mindful Trading
- Feeling okay but not the most sharp
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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