07 Dec Premarket Prep Gold 12072020
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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 arrival at D1 VWAP in DT after 3 up days and 4th day printing an Inside Bar
- Possible H4 Phase 3, newly formed supply right on top of demand.
- Market Profile
- Profiles in UT and then a 2 day bracketing
- ADR: 27708
- ASR: 18122
- Yesterday’s High 1848.085
- Yesterday’s Low 1829.079
- Newly formed H4 supply at VAH
- LN open
- Below Value, Within Range
- Open distance to value
- Moderate imbalance. Daily formed an inside bar on Friday but had 3 previous up days so we could see a slight correction in the market. The profile sentiment initially backs up that thesis.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Trend Continuation
- Preferred: IB extension Down (momentum), 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
- 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