20210909 Premarket Prep Gold

09 Sep 20210909 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 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 below last month’s Drag­on­Fly Doji but with­in range
• Price trad­ing below last week’s body and range

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Slight con­tin­u­a­tion to the D1 Three Out­side Down trad­ing at D1-C‑D 1781.384 (coin­cid­ing with W1 base demand lev­el) clos­ing below D1 QHi
  • H4 Phase 4 with some slow after arriv­ing at H4 QLo, cur­rent­ly trad­ing with­in QLo.
• Trend: H4 Down, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 2/3
• Mar­ket Profile
  • Val­ues in DT, val­ue cre­at­ed below pre­vi­ous brack­et­ing range
• Dai­ly Range
  • ADR: 17890
  • ASR: 10769
    • 2700
  • Day
    • Yes­ter­day’s High 1802.080
    • Yes­ter­day’s Low 1782.280

Sen­ti­ment

• LN open
  • Below Val­ue, Out­side Range
• Open dis­tance to value
  • 0.79xASR
• Nar­ra­tive
  • Mod­er­ate to Large imbal­ance. Price has not reject­ed H4 QLo and yes­ter­day trad­ed down. Rel­a­tive prox­im­i­ty to Val­ue edge make a return to val­ue short play more pre­ferred espe­cial­ly with H4-C‑S 1795.605 at VAL.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Return to Val­ue, Val­ue edge rever­sal or Failed Auc­tion Short
• Hypo 2
  • Auc­tion Fade Short
• Hypo 3
  • Sus­tained Auc­tion Long

Addi­tion­al notes

• ECB Inter­est Rate deci­sion today at 19:45

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1807.592
• H4-C‑S 1795.605

ZOIs for Pos­si­ble Long

• D1-C‑D 1781.384

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

• Twit­ter
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