01 Feb Premarket Prep Gold 02012021
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
- Trading above last week’s spinning top
Non-conjecture observations of the market
- Price action
- 2 consecutive days of a move higher but with very long selling wick taking out previous demand
- H4 spinning top with slightly longer selling wick
- Market Profile
- Price created a wide value area slightly below the 3‑day bracket
- ADR: 26967
- ASR: 19610
- Yesterday’s High 1875.580
- Yesterday’s Low 1839.52
- W1/D1 C‑dems at VAL
- LN open
- Within Value
- Open distance to value
- Balancing. LN open just below VAH after a M30 Three Inside Down was formed below ADR 0.5 high.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Balancing Market / Value Rejection Failure
- Narrative: LN open within value. Play off nearby LTF and ADR levels.
- Hypo 2 — Value Rejection Up
- Narrative: W1 Base into Rally narrative (although it’s just the first day of the week so) backed by a possible H4 RBR.
- Preferred: Take out LTF supply exhausting ADR, IB extension up with sustained auction.
ZOIs for Possible Shorts
- W1-C‑S 1889.101
- H4-C‑S 1858.434
ZOIs for Possible Long
- H4-C‑D 1848.932
- W1-C‑D 1838.170
- Feeling slightly less sharp. Perhaps the weekend trip took more out of me then I thought. Extra caution today.
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