Premarket Prep Gold 01132021

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:

Gold Week 2 Trad­ing Plan

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
    • 470
  • Day
    • Yes­ter­day’s High 1863.720
    • Yes­ter­day’s Low 1836.620

Sen­ti­ment

• Loca­tions
  • H4 c‑sup at H4 VWAP in DT
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Sen­ti­ment
    • 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. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• 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.

Addi­tion­al notes

• N.A.

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

Mind­ful Trading

• 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

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