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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
Compared against Weekly Trading Plan
- MN closed as a consolidation retracing all of May
- W1 Demand taken out, no arrival at W1 QLo although ‘near’
Non-conjecture observations of the market
- Price action
- D1 Three Outside Down taking out D1/W1 demand followed by a D1 Bullish Inside Bar (not quite 50%) although could be an initial reaction after popping W1 demand
- H4 Bull Engulf at H4-C‑D 1763.785 with a move higher to D1-C‑S 1779.092
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is DOWN ⅔, changed to MIXED TREND with H4 being up
- Market Profile
- Values in DT
- Daily Range
- ADR: 23536
- ASR: 16679
- 417
- Day
- Yesterday’s High 1774.280
- Yesterday’s Low 1753.290
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 1.07xASR
- Narrative
- Large Imbalance. Possible mean reversion. Open sentiment near D1-C‑S 1779.092. Trend changed from Down 2/3 to Mixed Trend.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Mean Reversion, sustained auction down,
- Hypo 2
- Return to Value, variant to Hypo 1, H4 demand above VAH, Auction Fade Long
- Hypo 3
- Auction Fade Short
Additional notes
- Capital preservation rule in effect
- Non-Farm tomorrow
ZOIs for Possible Shorts
- D1-C‑S 1779.092
ZOIs for Possible Long
- H4-C‑D 1763.785
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Min. 3 times working out at home + mandatory cardio
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING