20220208 Premarket Prep Gold

08 Feb 20220208 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:

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
• Price trad­ing above last week’s body and extend­ed the range mak­ing a HH
  • Price test­ing new W1 Supply

Sen­ti­ment

• Nar­ra­tive
  • D1 closed high­er from con­sol­i­da­tion with­in New W1 Supply
  • D1/H4 QLo reject­ed and price trad­ing mid swing
  • MIXED Trend
  • H4 con­sol­i­da­tion and break down
  • Asia formed a neu­tral day but pre­dom­i­nant­ly trad­ed lower
• LN open
  • 0.27xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • 2 over­lap­ping val­ues cre­at­ed above the pre­vi­ous 3‑day brack­et indi­cat­ing a slow­down in price
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Short
  • Rever­sal at new H4 Sup­ply, pos­si­ble Failed Auction
• Hypo 2
  • Short
  • Late-Sus­tained Auction
• Hypo 3
  • Long
  • Return to Val­ue, VAH rever­sal, Failed Auction
• Hypo 4
  • Long
  • Auc­tion Fade

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
  • 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