20220207 Premarket Prep Gold

07 Feb 20220207 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 week’s body and extend­ed range slight­ly although price is trad­ing at new W1 supply

Sen­ti­ment

• Nar­ra­tive
  • D1 con­sol­i­da­tion with longer buy­ing wicks react­ing off D1 demand and D1 QLo rejection
  • H4 Bear Engulf with long buy­ing wick and no con­tin­u­a­tion, price moved higher
  • H4 QHi reject­ed and price trad­ing mid swing
  • W1 sup­ply above VAH with near­by ADR 0.5 high, pre­vi­ous day’s high
  • MIXED trend
  • Prev. Day Exceed­ed ADR by 1.21, pos­si­ble momentum
• LN open
  • Open With­in Value
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous bracket
• Clar­i­ty (1–5, 5 being best)
  • 2
• Hypo 1
  • Short
  • Failed Auc­tion
• Hypo 2
  • Bal­anc­ing Mar­ket Play
• Hypo 3
  • Short
  • Late-Sus­tained Auction
• Hypo 4
  • Long
  • Auc­tion Fade

Addi­tion­al Notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay, although first day back after hol­i­days so take it easy

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
  • 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