11 May Premarket Prep Gold 20210511
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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
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Only price-action based exit rules (or if hit time stop comes earlier)
- Otherwise a Bart Simpson exercise
- Doing one now
Compared against Weekly Trading Plan
- Made a slight HH above last week’s range, still trading within W1 QHi
Non-conjecture observations of the market
- Price action
- Yesterday closed as a D1 Hammer closing below D1-C‑S 1836.25 trading within D1 QHi (below D1 200MA in R)
- Price traded higher to H4-C‑S 1841.250 creating an Evening Star returning to H4-C‑D 1831.05 before reacting and forming a Bull Engulf
- Potential H4 Phase 3 (or reaccumulation)
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP although having hit W1/D1 QHi there could be a potential reversal.
- Market Profile
- Values in UT
- Daily Range
- ADR: 23948
- ASR: 12586
- 315
- Day
- Yesterday’s High 1845.350
- Yesterday’s Low 1829.940
Sentiment
- Locations
- D1-C‑S 1836.250 within value at VAL
- Sentiment
- LN open
- Below Value, Within Range
- Open distance to value
- 0.1xASR
- Premarket
- H4 Bear Engulf
- Narrative
- Moderate Imbalance with near-proximity to value there could be an acceptance. OR due to D1 c‑sup just above VAL a test of value before moving down.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Return to Value (Fake Value Acceptance)
- Narrative: D1 C‑sup above VAL within value, price trading within W1/D1 QHi
- Preferred: Strong bearish PA testing value then closing below, IB extension down, sustained auction
- Con: H4 demand below
- Hypo 2 — Value Acceptance
- Narrative: open sentiment in an UT
- Preferred: early close within value with quick follow-through
- Con: D1 C‑sup at VAL
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- W1‑C‑S 1847.50
- H4-C‑S 1841.250
- D1‑C‑S 1836.250
ZOIs for Possible Long
- H4-C‑D 1831.05
- H4-C‑D 1820.550
- H4-C‑D 1814.150
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym + mandatory cardio
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Only price-action based exit rules (or if hit time stop comes earlier)
- Otherwise a Bart Simpson exercise
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
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