16 Dec 20211216 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 but still within range
Sentiment
- LN open
- ABove Value, Outside Range
- Open distance to value
- 1.12xASR
- Market Profile
- Value created below the previous with price currently trading above
- Narrative
- D1 Inside Bar with long buying wick reacting off D1 QLo / W1 demand, possible developing D1 Three Outside Up
- H4 consolidation at H4 QLo with break higher giving H4-C‑D 1769.533
- H4 Phase 2
- Trend change from trend is up to Trend is Down 2/3
- Tight IBR only 0.17xASR
- D1/H4 QLo rejected, price trading mid swing
- Large Imbalance
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Mean Reversion, Sustained Auction Down
- Hypo 2
- ADR Exhaustion Reversal
- Hypo 3
- Auction Fade Long
- Hypo 4
- Late-sustained auction up
ZOIs for Possible Shorts
- D1-C‑S 1790.962
- D1-C‑S 1783.088
ZOIs for Possible Long
- D1-C‑D 1768.500
- 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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