04 Dec Premarket Prep Gold 12042020
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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.
Compared against Weekly Trading Plan
- Price trading within last week’s body currently retraced more than 50% (2 days left in the candle)
Non-conjecture observations of the market
- Price action
- D1 Phase 2 after strong bull engulf giving D1-C‑D 1786.586 nearing D1 VWAP in DT
- New H4–C‑D 1840.142 formed after a pullback, currently consolidating.
- Mid H4 swing
- Market Profile
- Profiles in UT
- ADR: 29164
- ASR: 18232
- Yesterday’s High 1843.786
- Yesterday’s Low 1823.556
- H4-C‑D 1840.142 within value
- LN open
- Within value
- Open distance to value
- Balancing market. Although due to newly formed H4 C‑dem we could see a value rejection up. Having said that there might be some profit-taking instead.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Trend Continuation / value rejection up
- Preferred: value rejection up through strong bullish pattern taking out LTF supply. IB extension up (momentum) with sustained auction.
- Another opportunity might be a reversal at ADR 0.5 high. Monitor for PA reversal, TPO structure, single print fade. Failed auction.
- Hypo 2 — Value Rejection Down
- Preferred: Strong bearish pattern with a hold be low VAL. Sustained auction.
ZOIs for Possible Shorts
- No significant supplies overhead
ZOIs for Possible Long
- H4-C‑D 1.1840.142
- H4-C‑D 1.1811.027
- Didn’t sleep too well last night but 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