20211013 Premarket Prep Gold

13 Oct 20211013 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 41 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 above last week’s body

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 Bull Engulf but with Long Sell­ing wick
  • H4  trad­ed high­er dur­ing Asia trad­ing at H4 QHi after mul­ti­ple tests
• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend is DOWN
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous but still with­in the over­all range
• Dai­ly Range
  • ADR: 21153
  • ASR: 13583
    • 340
  • ASR Short: 7517
    • 188 (min 25)
  • Day
    • Yes­ter­day’s High 1769.290
    • Yes­ter­day’s Low 1750.650

Sen­ti­ment

• LN open
  • Above Val­ue, With­in Range
• Open dis­tance to value
  • 0.01xASR
• Nar­ra­tive
  • Bal­anc­ing to mod­er­ate imbal­ance. Trend is down 2/3 but yes­ter­day formed a D1 Bull Engulf although with longer sell­ing wick at the top of the over­all range trad­ing right into MN/D1 sup­ply. Larg­er time­frame is still bearish.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Sus­tained Auc­tion Up
• Hypo 2
  •  Rever­sal Short, Auc­tion Fade
• Hypo 3
  • Failed Auc­tion Short

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN/D1-C‑S 1768.539

ZOIs for Pos­si­ble Long

• W1-C‑D 1753.926
• 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

• Twit­ter
• Insta­gram