20211028 Premarket Prep Gold

28 Oct 20211028 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
  • D1 Bear Engulf with longer buy­ing wick at W1 Sup­ply with no con­tin­u­a­tion. Instead an Inside bar with longer buy­ing wick was formed.
  • Messy H4 RBR with H4-C‑D 1791.041 at VAH
• Trend: H4 Down, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend turned to Up 2/3 instead of strong uptrend 3/3
• Mar­ket Profile
  • Val­ue was cre­at­ed below the pre­vi­ous in an UT
• Dai­ly Range
  • ADR: 20907
  • ASR: 13003
    • 325
  • ASR Short: 7090
    • 177
  • Day
    • Yes­ter­day’s High 1798.980
    • Yes­ter­day’s Low 1783.420

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 0.92xASR
• Nar­ra­tive
  • Large Imbal­ance. Price trad­ing with­in D1 sup­ply near D1 QHi (test­ed before). Price trad­ing at H4 QHi. Near­by round num­ber. Trend changed to 2/3 uptrend. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Mean Rever­sion, Sus­tained Auc­tion Down
• Hypo 2
  • Auc­tion Fade Long, vari­a­tion to Hypo 1
• Hypo 3
  • If no mean rever­sion in the first 2 hours per­haps a sus­tained auc­tion up
• Hypo 4
  • Auc­tion Fade Short, vari­a­tion to Hypo 3

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1813.621
• W1-C‑S 1807.771

ZOIs for Pos­si­ble Long

• H4-C‑D 1791.041
• 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