Premarket Prep Gold 20210423

23 Apr Premarket Prep Gold 20210423

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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 16 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

• Slight reac­tion off W1 VWAP in DT but still trad­ing above last week’s body and broke the range high
• Mid W1 swing

Non-con­jec­ture obser­va­tions of the market

• Price action
  • D1 RBR to close above D1 UKC in DT fol­lowed by a Bear­ish Inside Bar trad­ing with­in D1 QHi
  • Price took out H4 sup­ply and trad­ed high­er to H4-C‑S 1797 before revers­ing. Price is bounc­ing off H4 VWAP in UT through a Three Inside Up 
• Trend: H4 up, D1 up, W1 up
  • Pre­vail­ing trend: Trend is up
• Mar­ket Profile
  • Flim­sy 2 day over­lap­ping values
• Dai­ly Range
  • ADR: 22293
  • ASR: 15024
    • 380
  • Day
    • Yes­ter­day’s High 1797.790
    • Yes­ter­day’s Low 1777.320

Sen­ti­ment

• Loca­tions
  • H4-C‑S 1797 at ADR o.5 High
• Sen­ti­ment
  • LN open
    • With­in Value
  • Open dis­tance to value
    • N.A.
  • Pre­mar­ket
    • H4 Bear­ish Inside Bar but above H4 VWAP in UT could still see some con­tin­u­a­tion high­er as trend is up as well. 
  • Nar­ra­tive
    • Bal­anc­ing mar­ket. ALthough price has con­sol­i­dat­ed around VAL and A closed with a bear engulf below val­ue but there is no IB exten­sion down (yet). Oth­er­wise a bal­anc­ing mar­ket play could be the play of the day.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1 — Val­ue Rejec­tion Down
  • Nar­ra­tive: Con­sol­i­da­tion at VAL with pos­si­ble strong fin­ish­er below val­ue, pos­si­ble H4 VWAP in UT BD
  • Pre­ferred: Val­ue rejec­tion con­firmed through IB exten­sion down, Sus­tained auc­tion, could be low/medium activ­i­ty day
  • Con: Trad­ing right into H4 demand in a larg­er time frame uptrend
• Hypo 2 — Bal­anc­ing Market
  • Nar­ra­tive: open sentiment
  • Pre­ferred: play off near­by ADR 0.5 and exhaus­tion levels
  • Con: Trend is up so longs are favored

Addi­tion­al notes

• Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1797
• H4-C‑S 1779.50

ZOIs for Pos­si­ble Long

• H4-C‑D 1770

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay. Slept very long but nonethe­less will take it easy today. Sleep­ing long after mul­ti­ple days of sleep­ing too lit­tle doesn’t make up for it at once. 

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