05 Oct 20211005 Premarket Prep Gold
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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 made a HH and is currently trading within last week’s body
Non-conjecture observations of the market
- Price action
- D1 closed higher forming a Hammer
- Price formed a big H4 Bull Engulf giving H4-C‑D 1757.706 without follow-through. Instead a H4 Bear Engulf closing below H4 QHi.
- Trend: H4 Up, D1 Down, W1 Up
- Prevailing trend: MIXED Trend
- Market Profile
- 2‑day overlapping values
- Daily Range
- ADR: 25054
- ASR: 14688
- 366
- 249
- Day
- Yesterday’s High 1770.490
- Yesterday’s Low 1747.620
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.25xASR
- Narrative
- Moderate Imbalance. Mixed trend. Price opened at newly formed H4 demand but right below H4 QHi that got rejected in a larger timeframe bearish sentiment.
- Clarity (1–5, 5 being best)
- 2
- Hypo 1
- Failed Auction Short
- Hypo 2
- Return to Value, possible Failed Auction long,
- Hypo 3
- Sustained Auction Up
- Hypo 4
- Value Acceptance
Additional notes
- N.A.
ZOIs for Possible Shorts
- MN-C‑S 1768.539
ZOIs for Possible Long
- H4-C‑D 1755.590
- MN-C‑D 1739.674
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
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