17 Jan 20220117 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
- Last week closed as a W1 Bullish Inside Bar and price is trading above its body but still within range
Sentiment
- LN open
- Open Within Value
- Market Profile
- 2 overlapping values
- Narrative
- Price trading within D1 Supply
- H4 Bull Engulf and continuation within old H4 demand
- H4 C‑Sup above VAH within range, at ADR 0.5 High
- Price trading within H4 QHi, coming from a D1 QLo rejection
- Trend is DOWN 2/3
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Short
- Balancing Market Reversal
- Open Within Value, ADR 0.5 High as well H4 C‑sup right above VAH
- Possible LTF reversal entry, monitor for Failed Auction
- Hypo 2
- Short
- Late-Sustained Auction Entry
- Price hold below value, IB extension down,
- Hypo 3
- Short
- Auction Fade
- Hypo 4
- Long
- Late-Sustained Auction Entry
- Price holds above value, IB extension,
Additional Notes
- N.A.
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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