20210928 Premarket Prep Gold

28 Sep 20210928 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 39 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 week’s body but with­in range

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 closed slight­ly high­er but with longer sell­ing wick
  • H4 Three Inside Down with no imme­di­ate continuation
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend is Down 2/3
• Mar­ket Profile
  • Slow­down in price, 2‑day over­lap­ping values
• Dai­ly Range
  • ADR: 23657
  • ASR: 16916
    • 423
  • Day
    • Yes­ter­day’s High 1760.770
    • Yes­ter­day’s Low 1744.780

Sen­ti­ment

• LN open
  • Below Val­ue, Out­side Range
• Open dis­tance to value
  • 0.27xASR
• Nar­ra­tive
  • Mod­er­ate to Large Imbal­ance. Price trad­ed high­er dur­ing IB (tra­vers­ing 0.53xASR tak­ing out some D1 demand). Pre­mar­ket trad­ed down and closed as a H4 Bear Engulf giv­ing H4-C‑S 1751.169 with­in H4 QLo no arrival at D1 QLo (yet). Trend is down 2/3.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Return to Val­ue, Failed Auc­tion Short
• Hypo 2
  • Val­ue Acceptance 
• Hypo 3
  •  Auc­tion Fade Long, vari­a­tion to Hypo 1

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1794.187
• H4-C‑S 1751.169

ZOIs for Pos­si­ble Long

• MN-C‑D 1739.674
• W1-C‑D 1729.691

Mind­ful Trad­ing (lack of sleep?)

• Might be com­ing down with some­thing. Will take it easy today. 

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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