20220124 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 4 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

• Price trad­ing above last week’s body but still with­in range

Sen­ti­ment

• Nar­ra­tive
  • Price trad­ing at D1 QHi and formed a weak D1 Evening Star with price cur­rent­ly trad­ing above pre­vi­ous body but with­in range
  • H4 QHi reject­ed but price trad­ing mid swing
  • H4 con­sol­i­da­tion at H4 VWAP in UT giv­ing H4 C‑Dem and con­se­quent price climbed high­er with no reac­tion (yet) off new­ly formed D1 C‑Sup
  • H4 C‑Dem with­in Val­ue near VAH
  • Mixed trend
• LN open
  • 0.17xASR Above Val­ue, With­in Range
  • Mod­er­ate Imbalance
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­vi­ous with price cur­rent­ly trad­ing above
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Long
  • Return to Val­ue, pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Late-sus­tained auc­tion entry
  • Risky due to trad­ing into D1 QHi so price would need to take out and close above pre­vi­ous day’s high
  • Pos­si­ble entry off re-test of IB high
• Hypo 3
  • Short
  • Val­ue Acceptance
• Hypo 4
  • Short
  • Auc­tion Fade, Rever­sal at D1 QHi / MN C‑Sup

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

• Twit­ter
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