08 Dec 20211208 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 within last week’s body with no LL made
- Price trading mid W1 swing coming from W1 QHi rejection
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.54xASR
- Market Profile
- 2 overlapping values still within overall range
- Narrative
- D1 RBR with longer buying wick although not the strongest close
- No close above D1 QLo (yet)
- Moderate to Large Imbalance open below D1 Supply
- Trend is UP 2/3
- H4 QLo rejection with no arrival at H4 QHi (yet) trading mid swing
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, LTF at VAH reversal, possible Failed Auction
- Hypo 2
- D1 Supply Reversal
- Hypo 3
- Sustained Auction Long
- Hypo 4
- Auction Fade Long
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1790.962
- H4-C‑S 1784.704
ZOIs for Possible Long
- H4-C‑D 1771.866
- W1-C‑D 1763.670
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 15 trades by the end of the month, can take 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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