23 Dec 20211223 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
- 1.31xASR above value, outside range, large imbalance
- Market Profile
- Values in DT but price is extended above
- Narrative
- Large Imbalance at the open, trading within D1 supply
- D1 Closed as a Bull Engulf giving D1-C‑D 1791.332 and price trading above body and range
- H4 Bull Engulf at new D1 demand and Phase 2 with now having reached H4-C‑S 1807.983 OLD near round number, and H4 200MA in R
- Mixed Trend
- Prev Day Exceeded ADR by 1.02
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Mean Reversion, sustained auction down
- Hypo 2
- Auction fade long
- Hypo 3
- Failed Auction Long
- Hypo 4
- Sustained Auction Long
ZOIs for Possible Shorts
- D1-C‑S 1790.962
ZOIs for Possible Long
- D1-C‑D 1791.332
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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