20220223 Premarket Prep Gold

23 Feb 20220223 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 8 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Pos­si­ble devel­op­ing MN RBR
  • Price is near­ing MN QHi (after QHi has been reject­ed mul­ti­ple times) and MN Sup­ply End
• W1
  • Price trad­ing with­in W1 Sup­ply, QHi
  • Price trad­ing above last week’s body and range
  • Price returned with­in last week’s body

Nar­ra­tive

• D1
  • D1 Bear Engulf at pre­vi­ous D1 Supply
  • Price trad­ing with­in wide D1 QHi
• H4
  • Pos­si­ble H4 Phase 3
  • H4 con­sol­i­da­tion and break down giv­ing H4-C‑S 1898.104
  • Price test­ed old H4 demand mul­ti­ple times
• Trend
  • Trend is UP 3/3
  • Strong UT
• Mar­ket Profile
  • Brack­et­ing range but slop­ing higher
• LN Open
  • Open With­in Value
  • Bal­anc­ing Market
  • Prev. Day Low near VAL
  • IB closed below VAL
  • LN trad­ing slight­ly wider range than NY

Hypos

• Hypo 1
  • Long
  • Failed Auc­tion
• Hypo 2
  • Short
  • Late-Sus­tained Auction
  • Pos­si­ble Weak­ness From With­in IBR
• Hypo 3
  • Short
  • Failed Auc­tion
• Hypo 4
  • Long
  • Auc­tion Fade

Clar­i­ty

• 3

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
  • No ear­ly exits, either hit SL or target
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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