#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 ducked above last month’s body and is currently trading within last month’s selling wick
- Trading within body
- 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 and last week’s body after extending into the range
Sentiment
- Narrative
- D1 Bearish Inside Bar with longer selling wick, although a buying wick is present as well
- H4 Bear Engulf at H4 QHi giving NEW H4 Supply formed within value
- Prev. Day Exceeded ADR by 1.19
- Trend Change: Trend is Down 2/3
- H4 Bullish Inside Bar with longer buying wick (coinciding with H4 UKC in UT)
- Tight IBR
- LN open
- 0.43xASR Below Value, Outside Range
- Moderate to Large Imbalance
- Market Profile
- Values in UT with price currently trading below
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Short
- Return to Value, VAL reversal (otherwise at LTF supply), possible Failed Auction
- Hypo 2
- Short
- Late-Sustained Auction, risky with LTF demand in the way
- Hypo 3
- 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