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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 above last week’s body
Non-conjecture observations of the market
- Price action
- D1 Bull Engulf but with Long Selling wick
- H4 traded higher during Asia trading at H4 QHi after multiple tests
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is DOWN
- Market Profile
- Value created above the previous but still within the overall range
- Daily Range
- ADR: 21153
- ASR: 13583
- 340
- ASR Short: 7517
- 188 (min 25)
- Day
- Yesterday’s High 1769.290
- Yesterday’s Low 1750.650
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.01xASR
- Narrative
- Balancing to moderate imbalance. Trend is down 2/3 but yesterday formed a D1 Bull Engulf although with longer selling wick at the top of the overall range trading right into MN/D1 supply. Larger timeframe is still bearish.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Sustained Auction Up
- Hypo 2
- Reversal Short, Auction Fade
- Hypo 3
- Failed Auction Short
Additional notes
- N.A.
ZOIs for Possible Shorts
- MN/D1-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