28 Jan Premarket Prep Gold 01282021
GBPNZD in a too tight range thus focusing on Gold today.
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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
- Only take trades according to a hypo unless there are multiple conditions met
Compared against Weekly Trading Plan
- Price trading within previous week’s candle
Non-conjecture observations of the market
- Price action
- D1 arrival at W1-C‑D 1839.109 (coinciding with D1 demand) multiple tests closing below D1 200MA in UT
- Mid D1 swing
- Some H4 consolidation with consequent move slightly lower reacting off H4 LKC in R (currently testing for the second time) trading within H4 demand.
- Trading in lower half of H4 swing no arrival at QLo (yet)
- Market Profile
- Price created a wide value area slightly below the 3‑day bracket
- ADR: 25122
- ASR: 17061
- Yesterday’s High 1853.050
- Yesterday’s Low 1831.320
- W1/D1 C‑dems at VAL
- LN open
- Below Value, Outside Range
- Open distance to value
- Moderate Imbalance. With near proximity and nearby D1/W1 C‑dems we could see a move up although H4 has consistently traded lower.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Return to Value
- Narrative: continuation to the D1 decline
- Preferred: Bearish price action confirming a rejection of VAL with consequent IB extension down and sustained auction.
- Hypo 2 — Value Acceptance
- Narrative: Due to arrival at W1/D1 demand we could see a swing reversal up or at least a push higher (pullback perhaps)
- Preferred: Early acceptance with quick follow-through. Monitor for H4-C‑S 1851.201 BASE to be hit and price action backing up a possible continuation.
- Hypo 3 — Responsive Activity
- End of the month in an already weird month so extra caution is advised.
ZOIs for Possible Shorts
- W1-C‑S 1889.402
- H4-C‑S 1869.965
- H4-C‑S 1851.201 BASE
ZOIs for Possible Long
- MN-C‑D 1877.953 coinciding with D1 demand
- H4-C‑D 1855.975
- D1-C‑D 1847.306
- Feeling okay, but slightly distracted with other stuff IRL. Extra caution.
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