21 Jan 20220121 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
- W1 QHi rejected
- Last week closed as a W1 Bullish Inside Bar and price is trading above its body but still within range
- Price is currently trading within last week’s body
- Possibly developing W1 Three Outside Up
- Price made a new HH and is testing W1 supply not far below below W1 QHi and MN C‑Sup
Sentiment
- Narrative
- Big D1 Bull Engulf followed by an Gravestone Doji (leaving selling wick after reacting off D1QHi), price is currently trading below possibly developing a D1 Evening Star
- H4 Bearish Inside Bar (at D1 QHi) with slow follow-through making a DBD giving H4 C‑Sup (within Value)
- Mixed Trend
- Asia formed a Neutral Day
- IB traversed down and broke yesterday’s low (which is near VAL)
- Wide IBR 1xASR, traversing down trading at ADR 0.5 low not far from ADR exhaustion, possible momentum, although double-whammy of responsive activity combined with open sentiment
- LN open
- Open Within Value
- Market Profile
- Value created extended above the previous range and price is trading below
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Short
- Weakness From Within IBR
- Hypo 2
- Long
- Failed Auction
- (possible reversal at ADR 0.5 Low which I’ll be monitoring for my playbook)
- Hypo 3
- Short
- Failed Auction
- Hypo 4
- Short
- Late-Sustained Auction
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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