20211217 Premarket Prep Gold

17 Dec 20211217 Premarket Prep Gold

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous with price trad­ing above the over­all range
• Nar­ra­tive
  • D1 QLo reject­ed, price trad­ing mid swing
  • D1 Three Out­side Up (giv­ing D1-C‑D 1779.276) tak­ing out some sup­ply with long buy­ing wick but trad­ing in the next D1 supply
  • H4 Phase 2 with price near­ing H4 200MA in R and trad­ing with­in H4 QHi
  • Price opened at H4-C‑S 1807.942 OLD
  • Trend change: Trend is Down to Mixed trend
  • Prev. Day Exceed­ed ADR by 1.19
  • Huge Imbal­ance 1.79xASR
  • Price trad­ing above yesterday’s high
  • Lon­don range slight­ly big­ger than NY
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Mean Rever­sion, Sus­tained Auc­tion Down
• Hypo 2
  • Failed Auc­tion Long
• Hypo 3
  • Late-sus­tained auc­tion long
• Hypo 4
  • Auc­tion Fade Long

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1807.942 OLD
• D1-C‑S 1790.962

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

• Twit­ter
• Insta­gram