20220225 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

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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
  • Price took out MN Supply
  • Price is test­ing MN-C‑S 1965.163 and cur­rent­ly trad­ing below MN QHi
• W1
  • Price trad­ing with­in W1 Sup­ply, QHi
  • Price trad­ing above last week’s body and range
  • Price took out W1 demand

Nar­ra­tive

• D1
  • Prev. Day Exceed­ed ADR by 3.0 trad­ing both sides tak­ing out D1 demand as well as sup­ply before clos­ing as an Inside Bar with longer sell­ing wick
  • Price failed to close with­in D1 QHi (coin­cid­ing with MN QHi)
• H4
  • H4 Bear Engulf at MN C‑sup giv­ing H4-C‑S 1945 and con­tin­u­a­tion low­er clos­ing below D1 QHi
  • No fol­low-through, instead a H4 demand was cre­at­ed giv­ing H4-C‑D 1906.515
• Trend
  • Trend is Up 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous with price cur­rent­ly overex­tend­ed below value
• LN Open
  • 2.19xASR Below Val­ue, Out­side Range
  • Huge Imbal­ance
  • Asia Extend­ed higher
  • Lon­don opened at H4-C‑D 1906.515
  • Tight IBR

Hypos

• Hypo 1
  • Long
  • Late-Sus­tained Auction
• Hypo 2
  • Short
  • Failed Auc­tion
• Hypo 3
  • Short
  • Return to Val­ue, Rever­sal, Pos­si­ble Auc­tion Fade
• 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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