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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 body and within W1 Supply above W1 demand
Non-conjecture observations of the market
- Price action
- Price trading above D1 QLo but below D1 VWAP in DT
- H4 Bull Engulf at W1 demand closing within H4 supply, possible H4 Phase 1 / 3
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is DOWN 2/3
- Market Profile
- 3‑day bracket within multi-day overall range
- Daily Range
- ADR: 21675
- ASR: 14138
- 353
- ASR Short: 8053
- 201 (min. 25)
- Day
- Yesterday’s High 1760.890
- Yesterday’s Low 1750.080
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.32xASR
- Narrative
- Moderate to Large Imbalance. Asia traded higher taking out demand. IB had a little mean reversion and B closed at Value Edge not confidently accepting value. IBR traversed 0.41xASR. W1 demand at VAL although trend is down 2/3.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Value Acceptance, Sustained Auction Down
- Hypo 2
- Failed Auction Long
- Hypo 3
- Auction Fade Long, variation to Hypo 1
Additional notes
- N.A.
ZOIs for Possible Shorts
- MN-C‑S 1768.539
ZOIs for Possible Long
- W1-C‑D 1753.926
- 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