20220107 Premarket Prep Gold

07 Jan 20220107 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:

Gold 2022 Week 1 Trad­ing Plan

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

Com­pared against Week­ly Trad­ing Plan

• W1 price trad­ing below last week’s body and poked below range

Sen­ti­ment

• LN open
  • 0.38xASR Below Val­ue, With­in Range, Mod­er­ate Imbalance
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­vi­ous but still with­in over­all range
• Nar­ra­tive
  • D1 Three Out­side Down
  • Prev. Day Exceed­ed ADR by 1.23
  • Price formed a H4 Bull Engulf with­in H4 QLo with­out con­tin­u­a­tion or rejec­tion, instead a Bear Engulf giv­ing H4-C‑S 1791.319
  • No arrival at D1 QLo (yet) but price is trad­ing with­in D1 demand
  • Trend is Down 2/3
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • VAL Rever­sal, Failed Auc­tion Short
• Hypo 2
  • Val­ue Acceptance
• Hypo 3
  • Late-Sus­tained Auc­tion Short, risky trad­ing into QLo
• Hypo 4
  • Auc­tion Fade Long

Addi­tion­al Notes

• NFP lat­er

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1791.319

ZOIs for Pos­si­ble Long

• D1-C‑D 1806.441
• D1-C‑D 1791.319

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