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:

Gold 2022 Week 12 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 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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