20210618 Premarket Prep Gold

18 Jun 20210618 Premarket Prep Gold

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for GOLD. This prep builds off of my week­ly trade plan I made here:

Gold 2021 Week 24 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

• W1 Three Out­side Down with con­tin­u­a­tion down arriv­ing at W1-C‑D 1774.420

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Phase 4 arriv­ing at D1/W1 demand, extend­ed below VWAP in UT
  • H4 Bull Engulf formed at W1-C‑D 1774.420
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend is DOWN 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed extend­ed below the brack­et­ing range
• Dai­ly Range
  • ADR: 32132
  • ASR: 16976
    • 424
  • Day
    • Yes­ter­day’s High 1825.210
    • Yes­ter­day’s Low 1767.180

Sen­ti­ment

• LN open
  • Below Val­ue, With­in Range
• Open dis­tance to value
  • 0.58xASR
• Nar­ra­tive
  • Mod­er­ate Imbal­ance. H4 Bull Engulf and base formed at W1-C‑D 1774.420. No arrival at D1/W1 QLo. Trend is down 2/3 but arrived at W1/D1 demand.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Sus­tained Auc­tion Down
• Hypo 2
  • Val­ue Accep­tance, sus­tained auc­tion up, H4-C‑S 1818.254 BASE at VAH
• Hypo 3
  •  Failed Auc­tion Short, probe of value
• Hypo 4
  • Auc­tion Fade long, after Hypo 1
• Hypo 5
  • Auc­tion Fade Short, after hypo 2
• Hypo 6
  • Failed Auc­tion Long

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1818.254 BASE

ZOIs for Pos­si­ble Long

• W1-C‑D 1774.420

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

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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