10 Jan 20220110 Premarket Prep Gold
This is my premarket prep for today’s European session for GOLD. This prep builds off of my weekly trade plan I made here:
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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 trading within last month’s body after having made a HH above its range and is currently trading above MN demand
- Last week closed as a W1 Bear Engulf with price below last week’s body but still within range
Sentiment
- LN open
- 0.04xASR Above Value,Within Range, Moderate Imbalance
- Market Profile
- Values in DT
- Narrative
- D1 Inside Bar reacting off D1 QLo leaving a buying wick
- Possible H4 Phase 1 above D1 QLo, H4 Bull ENgulf giving H4-C‑D 1793.254 (at VAH)
- H4 QHi rejected and price is trading mid swing
- Trend is DOWN 2/3
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- VAH Reversal Long, possible sustained auction long, possible Failed Auction Long
- Hypo 2
- Value Acceptance, possible continuation after value rotation, tricky due to Demand within value
- Hypo 3
- Auction Fade Short
- Hypo 4
- Auction Fade Long
Additional Notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 1810.196
ZOIs for Possible Long
- H4-C‑D 1793.254
- MN-C‑D 1780.536
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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