10 Dec Premarket Prep Gold 12102020
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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 above last week’s Inside Bar and is nearing W1-C‑S 1888.729 (still some ways to go)
- Price is nearing MN-C‑D 1877.471 BASE
Non-conjecture observations of the market
- Price action
- D1 Bear Engulf giving D1-C‑S 1863.817 returning at D1-C‑D 1839.702 BASE
- H4 Phase 4 with somewhat messy arrival at D1-C‑D 1839.702 BASE and H4 QLo being reactive with price closing above QLo but no follow-through on a move higher, instead an Inside Bar.
- Market Profile
- Values sloping down
- ADR: 28204
- ASR: 17662
- Yesterday’s High 1870.440
- Yesterday’s Low 1839.702
- D1-C‑S 1863.817 at VAH
- LN open
- Below Value, Outside Range
- Open distance to value
- 1.1 x ASR
- Large imbalance. Mean reversion would be the best play although we returned to a D1 base signifying a possible continuation to the move medium term. Price is mid M30 swing even though right at H4 QLo.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Mean Reversion
- Preferred: Strong bullish price action, IB extension up (momentum) and sustained auction.
- Hypo 2 — Trend Continuation
- If we could trade below 1822 we could see a further play down. Anything before that might prove tricky shorting into a large demand.
- Preferred: Strong Bearish Price action, IB extension down (momentum) and sustained auction.
ZOIs for Possible Shorts
- W1-C‑S 1888.729
- H4-C‑S 1873.428
- D1-C‑S 1863.817
ZOIs for Possible Long
- D1-C‑D 1839.702 BASE
- 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