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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
- Price trading within last week’s W1 Bear Engulf having pulled back to newly formed supply
Non-conjecture observations of the market
- Price action
- D1 Three Inside Up
- H4 QLo rejected through a big bull engulf giving H4-C‑D 1792.506
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- 2‑day overlapping values with price currently trading above
- Daily Range
- ADR: 18747
- ASR: 11252
- Day
- Yesterday’s High 1808.560
- Yesterday’s Low 1781.480
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.88xASR
- Narrative
- Large Imbalance. Market opened outside of range below newly formed H4-C‑S 1803.007. Yesterday exceeded ADR.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Mean Reversion, Sustained Auction Down
- Hypo 2
- Auction Fade Long, variation to Hypo 1
- Hypo 3
- Auction Fade Short
- Hypo 4
- Sustained Auction Long
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1826.118
- H4-C‑S 1803.007
ZOIs for Possible Long
- H4-C‑D 1792.506
- D1-C‑D 1781.384
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 20 trades by the end of the month, preferably 2 a day (not in the same product at the same time)
- Weekly Goal
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No early exits, either hit SL or 2R target, latest cut-off 1:30 London time
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING