20211108 Premarket Prep Gold

08 Nov 20211108 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:

Gold 2021 Week 45 Trad­ing Plan

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 week’s body and range with­in W1 Supply

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Prev. Day Exceed­ed ADR 1.76xADR but closed on its high
  • H4 slow down with­in H4/D1 QHi
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Strong Uptrend 3/3
• Mar­ket Profile
  • Val­ue in UT with price extend­ed above
• Dai­ly Range
  • ADR: 22463
  • ASR: 14155
    • 354
  • ASR Short: 6787 
    • 170
  • Day
    • Yes­ter­day’s High 1818.160
    • Yes­ter­day’s Low 1784.980

Sen­ti­ment

• LN open
  • Above Val­ue, Out­side Range
• Open dis­tance to value
  • 1.32xASR
• Nar­ra­tive
  • Large Imbal­ance. Prev. Day Exceed­ed ADR by 1.51xADR. Price trad­ing with­in W1 Sup­ply. Pos­si­ble Mean Rever­sion. Strong uptrend 3/3.
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Mean Rever­sion, Sus­tained Auc­tion Down
• Hypo 2
  • Auc­tion Fade Long, vari­a­tion to Hypo 1
• Hypo 3
  • Strength From With­in IBR, vari­a­tion to Hypo 1 if there is no mean reversion
• Hypo 4
  • Sus­tained Auc­tion Up (not like­ly at all)

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1826.648
• MN-C‑S 1813.621
• W1-C‑S 1807.771

ZOIs for Pos­si­ble Long

• H4-C‑D 1796.609
• W1-C‑D 1794.045 BASE
• D1-C‑D 1786.045

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 20 trades by the end of the month, prefer­ably 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

• Twit­ter
• Insta­gram