20220119 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 3 Trad­ing Plan

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The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

• W1 QHi rejected
• Last week closed as a W1 Bull­ish Inside Bar and price is trad­ing above its body but still with­in range
  • Price is cur­rent­ly trad­ing with­in last week’s body
  • Pos­si­bly devel­op­ing W1 Three Out­side Up

Sen­ti­ment

• LN open
  • Open With­in Value
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­ced­ing bracket
• Nar­ra­tive
  • D1 DBD with longer buy­ing wick
  • D1 QLo rejec­tion and price trad­ing mid swing
  • H4 QHi rejec­tion and DBD giv­ing H4 C‑Sup (at VAH) that got test­ed in premarket
  • Old H4 C‑Dem at VAL
  • Prev. Day Exceed­ed ADR by 1.08, pos­si­ble momentum
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Bal­anc­ing Market
  • Play off near­by ADR or LTF SD lev­els using LTF entry
  • Mon­i­tor for Failed Auction
• Hypo 2
  • Long
  • Late-Sus­tained Auc­tion Entry, risky with H4 QHi right above
• Hypo 3
  • Short
  • Auc­tion Fade
• Hypo 4
  • Short
  • Late-Sus­tained Auc­tion Entry

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

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