20210907 Premarket Prep Gold

07 Sep 20210907 Premarket Prep Gold

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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:

Gold 2021 Week 36 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 MN sup­ply above last months body but with­in range
• Price is trad­ing with­in W1 Sup­ply and last week’s body com­ing from W1 QLo rejection

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Yes­ter­day closed as an Inside Bar at D1 sup­ply (test­ed mul­ti­ple times) and swing high trad­ing with­in D1 QHi
  • H4 Evening Star with­in H4 QHi and D1 Sup­ply with con­tin­u­a­tion down although price still above H4 UKC and VWAP in UT
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed above the 5‑day brack­et­ing range
• Dai­ly Range
  • ADR: 16741
  • ASR: 10388
    • 2600
  • Day
    • Yes­ter­day’s High 1828.630
    • Yes­ter­day’s Low 1821.330

Sen­ti­ment

• LN open
  • Below Val­ue, Out­side Range
• Open dis­tance to value
  • 0.42xASR
• Nar­ra­tive
  • Mod­er­ate to Large Imbal­ance. Price trad­ing at D1 sup­ply and yes­ter­day formed an Inside Bar with open below sen­ti­ment. Although Trend is up 3/3.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Sus­tained Auc­tion Down, pos­si­ble late-sus­tained auc­tion entry as the move is already on the way
• Hypo 2
  •  Auc­tion Fade Long, vari­a­tion to hypo 1
• Hypo 3
  • VAA (not like­ly as IB already extend­ed to the downside)

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1826.118

ZOIs for Pos­si­ble Long

• H4-C‑D 1812.564

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 20 trades by the end of the month, prefer­ably 2 a day (not in the same prod­uct at the same time) 
• Week­ly Goal
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
  • No ear­ly exits, either hit SL or 2R tar­get, lat­est cut-off 1:30 Lon­don time
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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