01 Jun Premarket Prep Gold 20210601
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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 working out at home + mandatory cardio
- Trading rules
- Be mindful of DTTZs
- Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
- 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
- Buffer trades (profit target >1R) are allowed and encouraged
- 13 trades by the end of the month
- No social media / messenger apps / phone calls allowed during the trading window
Compared against Weekly Trading Plan
- Price is currently trading above last week’s body and range within W1 QHi
Non-conjecture observations of the market
- Price action
- Price traded higher within D1 QHi although made some demand D1-C‑D 1897
- H4 made a new high after having created some demand at H4-C‑D 1905.200
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP
- Market Profile
- Value was created above the previous but still within overall range
- Daily Range
- ADR: 20539
- ASR: 12328
- 310
- Day
- Yesterday’s High 1910.560
- Yesterday’s Low 1901.980
Sentiment
- Locations
- H4-C‑D 1905.200 at VAH
- Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.79xASR
- Premarket
- H4 closed making a HH
- Narrative
- Large Imbalance at the open although not entirely fulfilling mean reversion criteria. H4 closing higher not hitting supply there could be a continuation to the move first although longs are very risky considering price is trading within D1/W1 QHi.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Mean Reversion
- Narrative: Open Sentiment
- Preferred: Strong Bearish PA, IB extension down, sustained auction
- Con: LTF demand at M30 VWAP in UT within medium/high timeframe bullish narrative
- Hypo 2 — Return to Value
- Narrative: open above value, medium/high timeframe bullish sentiment
- Preferred: Price traversing down during IB or extending below to LTF demand before reversing with bullish PA to fading the auction, Single print Fade to failed auction.
- Con: Trading within D1/W1 QHi
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- W1-C‑S 1890.750
ZOIs for Possible Long
- H4-C‑D 1905.200
Mindful Trading (lack of sleep?)
- Feeling a bit anxious so will be a bit careful. Also, with being the first day of the month I do not need to go wild on the first day.
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Min. 3 times working out at home + mandatory cardio
- 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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