20220118 Premarket Prep Gold

18 Jan 20220118 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:

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

• W1 QHi rejected
• Last week closed as a W1 Bull­ish Inside Bar and price is trad­ing above its body but still with­in range
  • Price is cur­rent­ly trad­ing with­in last week’s body

Sen­ti­ment

• LN open
  • 0.34xASR Below Val­ue, Out­side Range, Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • 3‑day over­lap­ping values
• Nar­ra­tive
  • D1 QLo rejected
  • Yes­ter­day closed fair­ly neutral
  • H4 closed below H4 QHi and with­in H4 demand leav­ing a longer sell­ing wick fol­lowed by a Neu­tral Doji (almost tak­ing out H4 demand), pos­si­ble DBD
  • Trend is DOWN 2/3
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Short
  • Return to Val­ue, Failed Auction
• Hypo 2
  • Short
  • Late-Sus­tained Auction
• Hypo 3
  • Long
  • Mean Rever­sion, late-sus­tained auc­tion entry
• Hypo 4
  • 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, 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