20211222 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:

Gold 2021 Week 52 Trad­ing Plan

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The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

• Price is trad­ing with­in last week’s body near­ing W1-C‑D 1782.715

Sen­ti­ment

• LN open
  • Below Val­ue, Out­side Range
• Mar­ket Profile
  • 2 over­lap­ping val­ues with price cur­rent­ly below
• Nar­ra­tive
  • 0.77xASR Large imbal­ance at the open, mean rever­sion cri­te­ria not fulfilled
  • D1 base cre­at­ed after Bear Engulf
  • Big H4 Bear Engulf with a lit­tle dead cat bounce H4 Three Out­side Down at D1 supply
  • D1 QLo rejected
  • H4 QHi reject­ed and price is trad­ing mid swing
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Mean Rever­sion, sus­tained auc­tion up
• Hypo 2
  • Late-sus­tained auc­tion down
• Hypo 3
  • Failed Auc­tion Long
• Hypo 4
  • Action Fade Long

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1790.962

ZOIs for Pos­si­ble Long

• W1-C‑D 1782.715
• D1-C‑D 1779.276
• 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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