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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
Larger Timeframe
- MN
- MN Bear Engulf rejecting MN QHi
- Price trading below body and range
- W1
- Possible W1 Phase 4
- W1 QHi rejection, price trading mid swing
- Price trading below body and range
Narrative
- D1
- Possible D1 Phase 4
- D1 closed within D1-C‑D 1870.000
- D1 QHi rejected, price trading mid swing
- Prev. Day Exceeded ADR by 1.64
- H4
- Price slowdown within D1 demand but closed lower
- Trend
- Trend is Down 2/3
- Market Profile
- Value created below overall range, swings wider
- LN Open
- 0.84xASR Below Value, Outside Range
- Asia formed a Neutral Day but predominantly traded down
- 0.37xASR Tight IBR
- LN wider than NY
Additional Notes
- Thursday, May 05, USD, Fed Interest Rate Decision
- Friday, May 06, USD, Non Farm Payrolls (Apr)
Hypos
- Hypo 1 (RED)
- Long
- Failed Auction
- Hypo 2 (GREEN)
- Short
- Late-Sustained Auction
- Hypo 3 (PURPLE)
- Long
- Auction Fade
Clarity
- 3
Mindful Trading (lack of sleep?)
- Didn’t sleep well so will take extra caution
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- No early exits, either hit SL or target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING