20211207 Premarket Prep Gold

07 Dec 20211207 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 50 Trad­ing Plan

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

Non-con­jec­ture obser­va­tions of the market

• Trend: H4 Down, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous but with­in over­all range 
• Dai­ly Range
  • ADR: 22735
  • ASR: 13388
    • 3347
  • ASR Short: 9680
    • 2420
  • Day
    • Yes­ter­day’s High 1787.610
    • Yes­ter­day’s Low 1775.640

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing below last week’s body but still with­in range

Sen­ti­ment

• LN open
  • Above Val­ue, With­in Range
• Open dis­tance to value
  • 0.03xASR
• Nar­ra­tive
  • D1 closed as an inside bar, pos­si­ble D1 con­sol­i­da­tion con­tin­ued, price still trad­ing with­in D1 QLo
  • H4 broke down from H4 sup­ply (coin­cid­ing with H4 50MA in DT)
  • Price reject­ed H4 QLo and is trad­ing mid swing
  • Mod­er­ate Imbal­ance with near prox­im­i­ty to VAH but H4 demand with­in val­ue although price is trad­ing at the top of the over­all range
  • Trend is up 2/3
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Val­ue Accep­tance (short), and pos­si­ble con­tin­u­a­tion sus­tained auc­tion short
• Hypo 2
  • VAH rever­sal
• Hypo 3
  • Sus­tained Auc­tion Long
• Hypo 4
  • Auc­tion Fade Long

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1784.704

ZOIs for Pos­si­ble Long

• H4-C‑D 1771.866
• W1-C‑D 1763.670

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 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
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