20210623 Premarket Prep Gold

23 Jun 20210623 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 25 Trad­ing Plan

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

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing with­in last week’s body
• No arrival at W1/D1 QLo
• MN demand below

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Three Out­side Up fol­lowed by an Inside Bar with slight­ly longer buy­ing wick react­ing off D1/W1 demand
  • Price still trad­ing extend­ed below D1 VWAP, below D1 LKC in UT.
  • Pos­si­ble H4 Phase 1 / 3, H4 cre­at­ed some demand but no close with­in supply
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend is Down 2/3
• Mar­ket Profile
  • 2‑day over­lap­ping values
• Dai­ly Range
  • ADR: 32183
  • ASR: 17686
    • 442
  • Day
    • Yes­ter­day’s High 1790.020
    • Yes­ter­day’s Low 1772.360

Sen­ti­ment

• LN open
  • Open with­in value
• Open dis­tance to value
  • N.A.
• Nar­ra­tive
  • Bal­anc­ing mar­ket. Open with­in val­ue with some con­sol­i­da­tion below VAH
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Failed Auc­tion Short, probe above value
• Hypo 2
  •  Failed Auc­tion Long, Probe below value
• Hypo 3
  • Val­ue Rejec­tion Up, close above IB and VAH, late-sus­tained auc­tion entry, pos­si­ble Auc­tion Fade at 2nd DTTZ
• Hypo 4
  • Val­ue Rejec­tion Down, close below IB and VAL, late-sus­tained auc­tion entry, pos­si­ble Auc­tion Fade at 2nd DTTZ

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1818.254 BASE
• H4-C‑S 1783.547 (low in dis­tri­b­u­tion curve)

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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