20220211 Premarket Prep Gold

11 Feb 20220211 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 with­in last month’s body
  • Price ducked above last month’s body and is cur­rent­ly trad­ing with­in last month’s sell­ing wick
  • Trad­ing with­in 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 and last week’s body after extend­ing into the range

Sen­ti­ment

• Nar­ra­tive
  • D1 Bear­ish Inside Bar with longer sell­ing wick, although a buy­ing wick is present as well
  • H4 Bear Engulf at H4 QHi giv­ing NEW H4 Sup­ply formed with­in value
  • Prev. Day Exceed­ed ADR by 1.19
  • Trend Change: Trend is Down 2/3
  • H4 Bull­ish Inside Bar with longer buy­ing wick (coin­cid­ing with H4 UKC in UT)
  • Tight IBR
• LN open
  • 0.43xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • Val­ues in UT with price cur­rent­ly trad­ing below
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Short
  • Return to Val­ue, VAL rever­sal (oth­er­wise at LTF sup­ply), pos­si­ble Failed Auction
• Hypo 2
  • Short
  • Late-Sus­tained Auc­tion, risky with LTF demand in the way
• 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
  • 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