09 Nov 20211109 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 trading above last week’s body and range within W1 Supply
Non-conjecture observations of the market
- Price action
- D1 closed higher
- H4 continued higher giving H4-C‑D 1816.730 then pulling back off D1 Supply
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Strong uptrend 3/3
- Market Profile
- Values in UT
- Daily Range
- ADR: 22216
- ASR: 14658
- 366
- ASR Short: 6610
- 165
- Day
- Yesterday’s High 1826.370
- Yesterday’s Low 1812.370
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.12xASR
- Narrative
- Moderate Imbalance. Strong uptrend. Open 0.12xASR above value although at D1 Supply.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Short
- Hypo 2
- Sustained Auction Up
- Hypo 3
- Failed Auction Long
- Hypo 4
- Value Acceptance
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1826.648
- MN-C‑S 1813.621
- W1-C‑S 1807.771
ZOIs for Possible Long
- H4-C‑D 1816.730
- W1-C‑D 1794.045 BASE
- D1-C‑D 1786.045
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)
- No early exits, either hit SL or 2R target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Process
- Keep trade review comments short
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING
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