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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 within W1 QHi and has made a slight HH
Non-conjecture observations of the market
- Price action
- D1 Hammer with no follow-through. Instead a Neutral Bear Engulf. Possible slow down in price.
- Possible H4 Phase 1 / 3 trading within D1/W1 QHi, price is consolidating above H4 VWAP in UT
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP 3/3
- Market Profile
- Value created above the previous but possibly establishing an overall range
- Daily Range
- ADR: 23211
- ASR: 16149
- 404
- ASR Short: 7340
- 184
- Day
- Yesterday’s High 1870.260
- Yesterday’s Low 1856.260
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Possible H4 Phase 1 / 3. No clear rejection of D1/W1 QHi (yet). Price took out H4 supply but created a new one. Some demand created giving H4-C‑D 1862.019. IBR traversed 0.65xASR (double-whammy of possible responsive activity).
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Failed Auction Long
- Hypo 2
- Strength From Within IBR, price would need to clear Asia high and close above, preferably take out supply as well
- Hypo 3
- Failed Auction Short
- Hypo 4
- Sustained Auction long
Additional notes
- N.A.
ZOIs for Possible Shorts
- W1-C‑S 1888.859
- H4-C‑S 1864.422
ZOIs for Possible Long
- H4-C‑D 1862.019
- H4-C‑D 1856.280 OLD
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