20211026 Premarket Prep Gold

26 Oct 20211026 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 43 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 but still with­in range
• Price trad­ing mid W1 swing below MN/W1 Supply

Non-con­jec­ture obser­va­tions of the market

• Price action
  • 2nd test of D1 QHi
  • D1 trad­ed and closed high­er with­in the pre­vi­ous sell­ing wick (1.08xADR)
  • H4 QHi test­ed twice before slow­ing down
• Trend: H4 UP, D1 UP, W1 UP
  • Pre­vail­ing trend: Strong Uptrend 3/3
• Mar­ket Profile
  • Val­ues in UT
• Dai­ly Range
  • ADR: 21717
  • ASR: 13754
    • 350
  • ASR Short: 7641
    • 190
  • Day
    • Yes­ter­day’s High 1809.940
    • Yes­ter­day’s Low 1792.190

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 0.18xASR
• Nar­ra­tive
  • Mod­er­ate to Large Imbal­ance. Rel­a­tive close prox­im­i­ty to val­ue edge. IBR tra­versed 0.35xASR accept­ing val­ue. But with a strong uptrend this can be sus­pect. Price is also test­ing VAH. H4 DBD clos­ing below H4/D1 QHi.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Return to Val­ue, Val­ue Edge Reversal
• Hypo 2
  • Val­ue Accep­tance and sus­tained auc­tion down 
• Hypo 3
  • Failed Auc­tion Long 
• Hypo 4
  • Auc­tion Fade Long, vari­a­tion to hypo 2

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1813.621
• W1-C‑S 1807.771

ZOIs for Pos­si­ble Long

• D1-C‑D 1768.535

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) 
  • No ear­ly exits, either hit SL or 2R target
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
• Process
  • Keep trade review com­ments short
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

• Twit­ter
• Insta­gram