20220111 Premarket Prep Gold

11 Jan 20220111 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:

Gold 2022 Week 2 Trad­ing Plan

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 after hav­ing made a HH above its range and is cur­rent­ly trad­ing above MN demand
  • Price start­ed react­ed a bit and price is trad­ing at the top of the body/range
• Last week closed as a W1 Bear Engulf with price cur­rent­ly trad­ing with­in last week’s body

Sen­ti­ment

• LN open
  • 0.64xASR Above Val­ue, Out­side Range, Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • Val­ue cre­at­ed above the previous
  • Price still with­in over­all range
  • Price trad­ing above value
• Nar­ra­tive
  • D1 Three Inside Up at D1 QLo
  • Price cur­rent­ly trad­ing at D1-C‑S 1810.196
  • H4 Phase 2 reject­ing H4 QLo giv­ing H4-C‑D 1800.436 and price is trad­ing mid swing
  • Yesterday’s high and H4-C‑D 1800.436 near­by VAH
  • Asia extend­ed to the upside
  • Trend is DOWN 2/3
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Short
  • Mean Rever­sion, sus­tained auction
  • If IBR can tra­verse high­er into D1 sup­ply and ful­fil cri­te­ria before revers­ing that would be preferred
  • Price needs to extend with­in the first 2 hours
• Hypo 2
  • Short
  • Rever­sal, pos­si­ble Failed Auction
  • Near­by D1 supply
• Hypo 3
  • Long
  • Return to Val­ue, rever­sal near­by VAH, pos­si­ble auc­tion fade
  • Yesterday’s high, VAH, H4 demand
• Hypo 4
  • Long
  • Late-Sus­tained Auc­tion Entry

Addi­tion­al Notes

• N.A.

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1818.639
• D1-C‑S 1810.196

ZOIs for Pos­si­ble Long

• H4-C‑D 1800.436
• MN-C‑D 1780.536

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