20220215 Premarket Prep Gold

15 Feb 20220215 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

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
  • Price took out W1/D1 Supply

Nar­ra­tive

• D1
  • D1 Closed high­er tak­ing out W1/D1 Supply
  • Price trad­ing with­in D1 QHi
  • Prev. Day Exceed­ed ADR by 1.13
• H4
  • H4 trad­ed high­er but cre­at­ed an Inside Bar in premarket
  • H4-C‑D 1854.278 with­in value
• Trend
  • Strong UT 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed high above the previous
• LN Open
  • 1.73xASR Above Val­ue, Out­side Range
  • Huge Imbal­ance
  • 1.87xASR Wide IBR tra­vers­ing down exhaust­ing ADR, pos­si­ble respon­sive activ­i­ty although a pos­si­ble indi­ca­tor of momen­tum behind the reac­tion of D1 QHi
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher

Clar­i­ty

• 4

Hypos

• Hypo 1
  • Long
  • Return to Val­ue, Failed Auc­tion, VAH Reversal
• Hypo 2
  • Short
  • Weak­ness From With­in IBR
• Hypo 3
  • Long
  • Auc­tion Fade
• Hypo 4
  • Short
  • Late-Sus­tained Auc­tion, pos­si­ble VAA and rota­tion for reference

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