20220302 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 9 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 formed a RBR but closed below MN QHi and react­ed off MN supply
  • Price cur­rent­ly trad­ing above last month’s body but with­in range
• W1
  • Price react­ed off W1 QHi leav­ing a sell­ing wick clos­ing below MN QHi
  • Price cur­rent­ly trad­ing above last week’s body but with­in range

Nar­ra­tive

• D1
  • Price closed high­er with­in D1 Sup­ply with a D1 Bull Engulf giv­ing D1-C‑D 1909.747
  • Price trad­ing with­in D1 QHi
  • PRev. Day Exceed­ed ADR by 1.37
• H4
  • Price reject­ed H4 QLO and arrived at H4 QHi and H4-C‑S 1945.086 and start­ed consolidating
• Trend
  • Trend is UP 2/3
• Mar­ket Profile
  • 3‑day brack­et
• LN Open
  • 1.09xASR Above Val­ue, Out­side Range
  • Large Imbal­ance
  • Asia extend­ed low­er but then con­se­quent­ly trad­ed high­er, pos­si­ble Frankie Fakeout

Hypos

• Hypo 1
  • Short
  • Mean Rever­sion, Late-sus­tained auc­tion due to M30 Bull Engulf in the way
• Hypo 2
  • Long
  • Return to Val­ue, VAH Rever­sal, pos­si­ble Auc­tion Fade
• Hypo 3
  • Long
  • Failed Auc­tion

Clar­i­ty

• 3

Addi­tion­al Notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing tired so will take extra caution

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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