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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
Weekly Focus Points
- Min. 3 times hitting the gym + mandatory cardio
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Only price-action based exit rules (or if hit time stop comes earlier)
- Otherwise a Bart Simpson exercise
Compared against Weekly Trading Plan
- Price trading above last week’s body and range nearing the end of supply
Non-conjecture observations of the market
- Price action
- Price traded higher and closed within D1-C‑S 1856.064 almost taking out supply and D1 QHi
- H4 price faltering at W1/D1 Supply End although still inching higher
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is Up
- Market Profile
- Value in UT
- Daily Range
- ADR: 24383
- ASR: 14661
- 370
- Day
- Yesterday’s High 1868.390
- Yesterday’s Low 1843.480
Sentiment
- Locations
- D1-C‑S 1856.064 at VAH
- Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 1.2xASR
- Premarket
- H4 traded higher within D1 supply
- Narrative
- Large Imbalance. Price is slowly inching higher although there is a large imbalance price could pop D1 supply and see a continuation to the move. Shorts are favored due to the large imbalance so there might be a mean reversion first.
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Mean Reversion
- Narrative: Open sentiment, trading within supply near End
- Preferred: Strong Bearish PA, IB extension down taking out LTF/H4 demand
- Con: There could be strength behind the move up
- Hypo 2 — Trend Continuation (Return to Value)
- Narrative: Possible strength behind the move, nearing D1 supply end
- Preferred: Strong Bullish PA, IB extension up or a failed auction in case of an extension down
- Con: Trading within Supply
Additional notes
- Capital preservation rule in effect
ZOIs for Possible Shorts
- D1-C‑S 1856.064
- W1-C‑S 1847.500
ZOIs for Possible Long
- D1-C‑D 1825.850
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Feeling okay with NOT trading
- Have ‘quieter’ weekends
- Weekly Goal
- Min. 3 times hitting the gym + mandatory cardio
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Only price-action based exit rules (or if hit time stop comes earlier)
- Otherwise a Bart Simpson exercise
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING