10 Feb 20220210 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
- Price trading within last month’s body
- Price ducked above last month’s body and is currently trading within last month’s selling wick
- Price trading above last week’s body and extended the range making a HH
- Price testing new W1 Supply
- Price trading within New W1 Supply
Sentiment
- Narrative
- D1 Phase 2 with yesterday traversing higher 0.66xADR closing near its high (coinciding with D1 UKC in R)
- Price tested H4 QHi but has seen no reaction (yet)
- Price slowdown at H4 QHi and IB is trading down
- New H4 demand formed within Value
- Asia extended higher
- LN trading about same range as NY
- LN open
- 0.58xASR Above Value, Outside Range
- Moderate to Large Imbalance
- Market Profile
- Values in UT
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Long
- Return to Value, VAH reversal, possible Failed Auction
- Hypo 2
- Long
- Late-Sustained Auction
- Hypo 3
- Short
- Late-Sustained Auction, although no good profit target to VAH so probably not worth it
- Hypo 4
- Short
- 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
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