Premarket Prep Gold 20210409

09 Apr Premarket Prep Gold 20210409

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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:

Gold Week 14 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Week­ly Focus Points

• Min. 3 times hit­ting the gym + manda­to­ry cardio
• Only trade the main account
• Be mind­ful of DTTZs
• Only price-action based exit rules (or if hit time stop comes earlier)
• M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ

Com­pared against Week­ly Trad­ing Plan

• Trad­ing above con­sol­i­da­tion range and W1 demand

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 RBR giv­ing D1-C‑D 1743 BASE near­ing D1 Sup­ply End 1760.50 but not (yet) tak­en out
  • Mid D1 swing with RBR rejec­tion D1 QLo
  • Price trad­ing with­in H4 QHi which is wide, price fal­ter­ing with­in H4-C‑S 1751
• Trend: H4 up, D1 up, W1 up
  • Pre­vail­ing trend: strong uptrend although still with­in D1 supply
• Mar­ket Profile
  • Val­ues still in UT
• Dai­ly Range
  • ADR: 21374
  • ASR: 12294
    • 310
  • Day
    • Yes­ter­day’s High 1758.610
    • Yes­ter­day’s Low 1733.070

Sen­ti­ment

• Loca­tions
  • H4 c‑sup with­in range above value
  • D1-C‑D 1743 BASE at VAL and H4 VWAP in UT
• Sen­ti­ment
  • LN open
    • Above Val­ue, With­in Range
  • Open dis­tance to value
    • 0.1xASR
  • Pre­mar­ket
    • Mod­er­ate Imbal­ance. Near prox­im­i­ty to VAH. Val­ue accep­tance is a possibility.
  • Nar­ra­tive
    • Val­ue got accept­ed dur­ing A and B formed an Inside bar with long buy­ing wick although price hasn’t rotat­ed through val­ue yet. VAL ar M30 QLo and H4 VWAP in UT as well as D1 BASE level. 
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Val­ue Acceptance
  • Nar­ra­tive: near prox­im­i­ty to val­ue edge
  • Pre­ferred: Ear­ly accep­tance with quick follow-through
  • Con: D1 base demand at VAL
• Hypo 2 — Return to Value
  • Nar­ra­tive: Due to D1-C‑D 1743 BASE and val­ue edge there might be enough buy­ers to push price high­er in line with the D1 RBR to poten­tial­ly take out supply
  • Pre­ferred: Strong Bull­ish price action with IB exten­sion up with sus­tained auction
  • Con: IB exten­sion down, Fri­day profit-taking

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1751

ZOIs for Pos­si­ble Long

• D1-C‑D 1743 BASE
• H4-C‑D 1732.717

Mind­ful Trading

• 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

• Twit­ter
• Insta­gram