18 Dec Premarket Prep Gold 12182020
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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. Unless there is a momentum play.
Compared against Weekly Trading Plan
- Price rejecting overhead supply forming an Inside bar with long selling wick and is currently developing a possible W1 RBR but there are still two days left so anything could happen.
- Price returned to MN-C‑S 1877.471
Non-conjecture observations of the market
- Price action
- D1 closed higher taking out D1-C‑S 1863.901 with minor reaction at W1-C‑S 1888.729
- H4 Inside Bar created at W1-C‑S 1888.729 with not great follow-through. Instead a consolidation
- Price closed down from consolidation premarket (H4 DBD)
- Market Profile
- Values in UT
- ADR: 26947
- ASR: 16347
- Yesterday’s High 1896.10
- Yesterday’s Low 1861.92
- LN open
- Above Value, Within Range
- Open distance to value
- 0.1 x ASR
- Slight Imbalance. LN opened right on VAH after some consolidation. A value acceptance would indicate a continuation to the medium time frame DBD. A strong bullish move taking out over head H4 supply would indicate the contrary.
- LN open
- Clarity (1–5, 5 being best)
- Hypo 1 — Value Acceptance
- Preferred: Early acceptance and quick follow-through
- Con: tight value range and LTF demands at VAL although a value acceptance would have clear the H4 demand.
- Hypo 2 — Return to Value
- Preferred: Strong bullish price action taking out LTF supplies, sustained auction.
- Brexit talks are still on
ZOIs for Possible Shorts
- W1-C‑S 1888.729
- H4-C‑S 1878.126
ZOIs for Possible Long
- H4-C‑D 1861.152
- D1-C‑D 1837.559
- 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