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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
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Market Profile
- Value created above the previous although price is still trading within overall range
- Narrative
- D1 closed higher slight above th D1 consolidation that’s going on within D1 QLo
- H4 QLo rejected with price trading mid swing
- H4 DBD at H4/D1 supply, top of the overall range
- Balancing Market
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Failed Auction Long
- Hypo 2
- Value Rejection Down, Sustained Auction Short
- Hypo 3
- Auction Fade Long
- Hypo 4
- Failed Auction Short
ZOIs for Possible Shorts
- D1-C‑S 1790.962
- H4-C‑S 1787.821
ZOIs for Possible Long
- H4-C‑D 1773.024
- 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