24 Mar 20220324 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 reacted off MN supply but is still trading within MN QHi
- W1
- W1 Evening Star rejecting W1 QHi
- Price is currently trading within last week’s body
Narrative
- D1
- D1 consolidation with Bull Engulf closing above its range giving D1-C‑D 1936 (near VAH)
- Price closed below VWAP
- D1 QHi rejected
- H4
- Price slowed down at old H4-C‑S 1943.128 and formed an Inside Bar to doji, possible DBD
- H4 QLo rejected
- Trend
- Trend Change: Trend is UP 3/3
- Market Profile
- 3‑day overlapping values trading within overall range
- LN Open
- 0.35xASR Above Value, Outside Range
- Moderate to Large Imbalance
- 0.16xASR Tight IBR
- Asia formed a Neutral Day but predominantly traded lower
- IB extended to the upside but C closed as an inside bar with longer selling wick possibly failing the auction
Hypos
- Hypo 1
- Short
- Failed Auction
- Hypo 2
- Long
- Late-Sustained Auction
- Hypo 3
- Short
- Auction Fade
Clarity
- 3
Additional Notes
- N.A.
Mindful Trading (lack of sleep?)
- 2 consecutive days of lack of sleep = NO TRADING — I will just sit and observe
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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