20 May Premarket Prep Gold 20210520
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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
- 1 trade per day minimum (unless I missed the 1st DTTZ and the 2nd DTTZ is a continuation to the first)
- 1R targets allowed if conditions are less than optimal (buffer trades allow for 0.5–0.8R profit-taking)
- 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
- 1 trade per day minimum (unless I missed the 1st DTTZ and the 2nd DTTZ is a continuation to the first)
Compared against Weekly Trading Plan
- Price reached W1 QHi and W1-C‑S 1889.818 and there is a slight reaction
Non-conjecture observations of the market
- Price action
- D1 Doji within a consolidation perhaps a speedbump trading below D1 QHi
- Possible H4 Phase 1 / 3
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is still Up
- Market Profile
- Value was created below the previous but price is currently trading above
- Daily Range
- ADR: 24402
- ASR: 15678
- 400
- Day
- Yesterday’s High 1889.950
- Yesterday’s Low 1852.170
Sentiment
- Locations
- W1-C‑S 1889.818 at yesterday’s high
- Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.4xASR
- Premarket
- H4 Closed as an Inside Bar with a some selling wick
- Narrative
- Moderate Imbalance. Price opened above value within range with wide LTF demand at VAH as well as H4 VWAP in UT there could be grounds for a bounce higher from here as the trend is still up. Having had some reaction off D1 QHi there could be grounds for acceptance of value and continuation down.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Return to Value
- Narrative: Possible D1 speed bump, trend is up, larger timeframe bullish sentiment, wide LTF demand at M30 QLo
- Preferred: Strong Bullish PA at VAH to IB extension up with sustained auction
- Con: W1/D1 QHi
- Hypo 2 — Value Acceptance
- Narrative: Possible reversal after reacting off D1/W1 QHi. Possible H4 phase 3
- Preferred: early acceptance and quick follow-through
- Con: wide LTF demand at VAH
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- W1-C‑S 1889.818
ZOIs for Possible Long
- H4-C‑D 1853.372
- D1-C‑D 1825.850
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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