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:

Gold 2022 Week 10 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 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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