20220125 Premarket Prep Gold

25 Jan 20220125 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

• Price trad­ing above last month’s body and range
• Price trad­ing above last week’s body (W1 Three Out­side Up) but still with­in range but still below W1 Supply

Sen­ti­ment

• Nar­ra­tive
  • D1 Evening Star at D1 QHi with no con­tin­u­a­tion. Instead a D1 Bull Engulf clos­ing with­in new­ly formed supply
  • H4 QHi rejec­tion and price trad­ing again below it
  • Mixed Trend
• LN open
  • Open With­in Value
  • Bal­anc­ing Market
• Mar­ket Profile
  • Price trad­ing at the top of the over­all range
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Short
  • Late-Sus­tained Auction
• Hypo 2
  • Long
  • Failed Auc­tion
• Hypo 3
  • 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