13 Jan Premarket Prep Gold 01132021
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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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Weekly Focus Points
- Don’t take trades where SL placement is suboptimal. Instead, reassess for a better entry if possible. Unless there is a momentum play.
Compared against Weekly Trading Plan
- Reacting off W1 demand after Bear Engulf was formed
Non-conjecture observations of the market
- Price action
- D1 Three Outside Up at W1-C‑D 1839.109
- H4 Three Outside Down giving H4-C‑S 1859.349 and returning to H4-C‑D 1844.527 / W1-C‑D 1839.109 with no follow-through. Instead a strong Inside Bar and testing newly formed H4-C‑S 1859.349 again (@H4 VWAP in DT)
- H4 closed down as a Three Outside Down into newly formed demand.
- Market Profile
- Value formed above Monday’s value
- ADR: 36679
- ASR: 18741
- Yesterday’s High 1863.720
- Yesterday’s Low 1836.620
- H4 c‑sup at H4 VWAP in DT
- LN open
- Within Value
- Open distance to value
- Balancing. Although with newly formed H4 Bear Engulf at H4 VWAP in DT we could be seeing a value rejection down taking out newly formed Demand.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Balancing Market
- Play off nearby LTF SD and ADR levels.
- Hypo 2 — Value Rejection Down
- Preferred: IB extension down taking out LTF and H4 demand, sustained auction.
- Hypo 3 — Value Rejection Up
- Preferred: Strong bullish price action closing or taking out overhead supply followed by IB extension up, sustained auction.
ZOIs for Possible Shorts
- W1-C‑S 1889.402
- H4-C‑S 1859.349
ZOIs for Possible Long
- MN-C‑D 1877.953 coinciding with D1 demand
- H4-C‑D 1844.527 & W1-C‑D 1839.109
- Feeling okay
Focus Points for trading development
- Monthly Goals
- Continue tracking my DRC tracking sheet
- Focus on my own progress and less on others
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym
- Trading Rules
- Trade from D and upwards unless a possible momentum trade, value acceptance or otherwise.
- Risk Management
- 3 trades 1% risk, 3rd trade only if first 2 worked out
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING