18 Mar 20220318 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 within MN QHi and MN Supply
- Price started trading below MN supply
- W1
- Price formed a Doji with longer selling wick within W1 QHi and W1 Supply
- Price trading below last week’s body and range and W1 QHi
- Possible developing W1 Evening Star
Narrative
- D1
- D1 Three Outside Up at D1-C‑D 1906.474 coinciding with D1 UKC in UT
- Price closed below D1 VWAP in UT, possible CAR
- D1 QHi rejected with price trading mid swing
- H4
- Price almost returned to a H4 Base Supply level but instead formed a Bear Engulf giving H4-C‑S 1943.190 formed within value
- Followed by a DBD returning to H4 QLo after it was rejected
- Trend
- Trend is UP 2/3
- Market Profile
- Value created above the previous indicating a possible reversal of DT
- LN Open
- 0.12xASR Below Value, Within Range
- Moderate Imbalance
- Asia formed a Neutral Day predominantly trading down
- 0.12xASR Tight IBR
Hypos
- Hypo 1
- Short
- VAL Reversal, Possible Failed Auction
- Hypo 2
- Long
- Value Acceptance
- Hypo 3
- 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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