07 Mar 20220307 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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Larger Timeframe
- MN
- Price trading deeper into MN Supply and MN QHi having made a HH over last month
- W1
- Price closed near its high last week and is currently trading within W1 Supply and W1 QHi
Narrative
- D1
- Price gapped up over the weekend and is trading within D1 Supply, deeper into D1 QHi
- Prev. Day Exceeded ADR by 1.24
- H4
- Possible H4 Phase 2
- Trend
- Trend is UP 3/3
- Strong UT
- Market Profile
- Value created above the previous
- LN Open
- 2.06xASR Above Value, Outside Range
- Asia formed a Neutral day but predominantly traded lower
- IB traded higher but did not close above Asia
- Round number 2000 right above
Hypos
- Hypo 1
- Short
- Failed Auction
- Hypo 2
- Long
- Late-Sustained Auction, preferably close above Asia taking out LTF supply
- Hypo 3
- Long
- Failed Auction
- Hypo 4
- Long
- Auction Fade
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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