20220311 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

Nar­ra­tive

• D1
  • D1 Bear Engulf at round num­ber of 2000 with no imme­di­ate con­tin­u­a­tion although a LL has been made the day closed as a pos­si­ble base below new­ly formed D1 supply
  • Price is still trad­ing with­in D1 QHi and has not closed below it (yet)
• H4
  • Big H4 Bull Engulf clos­ing above H4 demand and H4 QLo with no imme­di­ate follow-through
  • Instead a DBD but no close with­in demand/QLo (yet)
• Trend
  • Strong UT 3/3
• Mar­ket Profile
  • Wide val­ue cre­at­ed over­lap­ping the pre­vi­ous two values
• LN Open
  • Open With­in Value
  • Bal­anc­ing Market
  • Asia extend­ed down
  • Tight IBR

Hypos

• Hypo 1
  • Long
  • Late Sus­tained Auction
• Hypo 2
  • Short
  • Failed Auc­tion, pos­si­ble 3‑I Day
• Hypo 3
  • Short
  • Late-Sus­tained Auction
• Hypo 4
  • Long
  • Auc­tion Fade

Clar­i­ty

• 3

Addi­tion­al Notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

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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