20211215 Premarket Prep Gold

15 Dec 20211215 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 51 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 below last month’s and week’s body

Sen­ti­ment

• LN open
  • Below Val­ue, Out­side Range
• Open dis­tance to value
  • 1.13xASR
• Mar­ket Profile
  • 2 over­lap­ping val­ues, price still with­in over­all range
• Nar­ra­tive
  • D1 Bear Engulf formed with­in over­all range giv­ing D1-C‑S 1783.088
  • Pos­si­ble D1 Phase 1 / 3
  • Lit­tle speed bump above old H4 demand giv­ing H4-C‑S 1772.190 (low in dis­tr. curve) clos­ing with­in said demand
  • Trend is UP 2/3
  • Large Imbal­ance at the open
  • Prev. Day Exceed­ed ADR by 1.28
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Mean Rever­sion, Sus­tained Auc­tion Up
• Hypo 2
  • Return to Val­ue, Auc­tion Fade Short
• Hypo 3
  • Failed Auc­tion Short
• Hypo 4
  • Sus­tained Auc­tion Down, risky

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1783.088
• H4-C‑S 1772.190

ZOIs for Pos­si­ble Long

• D1-C‑D 1768.500
• W1-C‑D 1763.670

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, 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