20220310 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
  • Price has start­ed reacting
• W1
  • Price closed near its high last week and is cur­rent­ly trad­ing high­er with­in W1 Sup­ply and W1 QHi
  • Price near­ing W1 Sup­ply End 2075.537 but price start­ed react­ing, cur­rent­ly trad­ing just below W1 Supply

Nar­ra­tive

• D1
  • D1 Bear Engulf formed with­in D1 QHi giv­ing D1-C‑S 2000 near VAL
  • Prev. Day Exceed­ed ADR by 1.72
• H4
  • H4 QHi reject­ed and price arrived at H4-C‑D 1990.202 and H4 QLo clos­ing within
  • Pre­mar­ket closed as a pos­si­ble Base with a longer sell­ing wick although retrac­ing to a pre­vi­ous base sup­ply level
• Trend
  • Strong UT 3/3
• Mar­ket Profile
  • Val­ues in UT although price is cur­rent­ly trad­ing below value
• LN Open
  • 0.92xASR Below Val­ue, Out­side Range
  • Large Imbal­ance
  • Asia extend­ed down

Hypos

• Hypo 1
  • Long
  • Mean Rever­sion, Sus­tained Auc­tion, risky lots of con­ges­tion in the way
• Hypo 2
  • Short
  • Return to Val­ue, VAL Reversal, 
• Hypo 3
  • Short
  • Auc­tion Fade
• Hypo 4
  • Short
  • Late-Sus­tained 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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