20210917 Premarket Prep Gold

17 Sep 20210917 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 37 Trad­ing Plan

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

Com­pared against Week­ly Trad­ing Plan

• Price pulled back to new­ly formed W1 C‑sup (Bear Engulf) and react­ed trad­ing down near­ing W1 QLo

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Three Inside Down com­plet­ed exceed­ing ADR by 2.24 rejec­tion D1 QHi and cur­rent­ly trad­ing mid swing
  • H4 Phase 4 arriv­ing at H4 QLo with some reac­tion through con­sol­i­da­tion and H4 Bull Engulf
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend has shift­ed to DOWN 2/3
• Mar­ket Profile
  • Wide val­ue has been cre­at­ed below the over­all range
• Dai­ly Range
  • ADR: 22752
  • ASR: 13654
    • 350
  • Day
    • Yes­ter­day’s High 1796.090
    • Yes­ter­day’s Low 1745.270

Sen­ti­ment

• LN open
  • Below Val­ue, Out­side Range
• Open dis­tance to value
  • 0.57xASR
• Nar­ra­tive
  • Mod­er­ate to large imbal­ance. Yes­ter­day exceed­ed ADR so a move high­er could be war­rant­ed but only if I can fit a 2R tar­get. IB formed a bear engulf so there could be a con­tin­u­a­tion to the D1 THree Inside Down. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Return to Val­ue, Sus­tained auc­tion down, 
• Hypo 2
  •  Return to Val­ue, Val­ue edge reversal
• Hypo 3
  •  Sus­tained Auc­tion Up

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1794.187

ZOIs for Pos­si­ble Long

• MN-C‑D 1739.674

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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