20220214 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:

DAX 2022 Week 7 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Price trad­ing above last month’s body and range but still with­in over­all MN Supply
• W1
  • W1 Three Out­side Up test­ing W1 QHi clos­ing with­in W1 Sup­ply after tak­ing out a new­ly formed W1 Supply

Nar­ra­tive

• D1
  • Price trad­ing with­in D1 QHi after an extend­ed rally
  • D1-C‑D 1832.410 at VAH
  • Prev. Day Exceed­ed ADR by 2.24
• H4
  • H4 Evening Star with no imme­di­ate con­tin­u­a­tion (yet)
• Trend
  • Trend is UP 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­vi­ous with price trad­ing extend­ed above value
• LN Open
  • 2.39xASR Above Val­ue, Out­side Range
  • Huge Imbal­ance
  • Com­bined with strong uptrend there could be momen­tum behind the move
  • ASR exhaus­tion nearby
  • ADR exhaus­tion not far off
  • Asia extend­ed down
  • 0.61xASR Wide IBR

Clar­i­ty

• 4

Hypos

• Hypo 1
  • Long
  • Strength From With­in IBR
• Hypo 2
  • Short
  • Weak­ness From With­in IBR, prefer­ably LTF demand gets tak­en out
• Hypo 3
  • Long
  • Late-Sus­tained Auction
• Hypo 4
  • 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

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