03 Jan 20220103 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 month’s and week’s body
Sentiment
- LN open
- Above Value, Outside Range
- Market Profile
- 2 overlapping values with price trading above value
- Narrative
- Huge Imbalance, 2.43xASR
- D1 Bull Engulf giving D1-C‑D 1806.441 followed by a gap up on the day
- H4 has been closing down on the day but Gap has not been filled yet
- 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 1849.366
ZOIs for Possible Long
- D1-C‑D 1806.441
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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