20220303 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
  • D1 Inside Bar but with longer buy­ing wick
  • Price still trad­ing with­in D1 QHi and D1 Supply
• H4
  • H4 Con­sol­i­da­tion and H4 Bear Engulf reject­ing H4 QHi giv­ing H4-C‑S 1935.528 (at VAH)
  • Price trad­ing mid swing
  • H4 Bull Engulf giv­ing H4-C‑D 1928.968 (with­in val­ue at the open)
• Trend
  • Trend is UP 2/3
• Mar­ket Profile
  • 2‑day over­lap­ping val­ues above the pre­vi­ous two (although quite near)
• LN Open
  • Open With­in Value
  • Bal­anc­ing Market
  • Open at H4-C‑D 1928.968

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion
• Hypo 2
  • Long
  • Late-Sus­tained Auction
• Hypo 3
  • Long
  • Failed Auc­tion
• Hypo 4
  • Short
  • Late-Sus­tained Auction

Clar­i­ty

• 3

Addi­tion­al Notes

• NFP tomor­row

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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