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:

Gold 2022 Week 11 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 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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