20220209 Premarket Prep Gold

09 Feb 20220209 Premarket Prep Gold

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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

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing with­in last month’s body
• Price trad­ing above last week’s body and extend­ed the range mak­ing a HH
  • Price test­ing new W1 Supply
  • Price trad­ing with­in New W1 Supply

Sen­ti­ment

• Nar­ra­tive
  • D1 QLo reject­ed and price trad­ing mid swing after clos­ing higher
  • Price trad­ing near D1 UKC in R
  • H4 demand cre­at­ed at W1 C‑sup (with­in Val­ue) and price trad­ed high­er tak­ing out H4 supply
  • Asia trad­ed higher
  • Tight IBR
• LN open
  • 0.60xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous 2 over­lap­ping val­ues. Kin­da stair­case val­ues trad­ing higher.
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Short
  • H4 QHi reversal
• Hypo 2
  • Long
  • Late-Sus­tained Auction
• Hypo 3
  • Short
  • Sus­tained Auc­tion, prefer­ably LTF demands tak­en out
• Hypo 4
  • Long
  • Auc­tion Fade

Addi­tion­al Notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay
• Hav­ing inter­net issues
• FX Syn­er­gy not working

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