20220325 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
  • Price is back trad­ing at MN C‑Sup
• W1
  • W1 Evening Star reject­ing W1 QHi
  • Price is cur­rent­ly trad­ing with­in, retrac­ing, last week’s body

Nar­ra­tive

• D1
  • D1 Con­sol­i­da­tion and break up with con­tin­u­a­tion clos­ing higher
  • D1 Qhi reject­ed with price trad­ing mid swing
• H4
  • H4 Phase 2 form­ing demand above D1 C‑Dem
  • H4 QLo reject­ed with price trad­ing mid swing
  • H4 DBD at MN C‑sup
• Trend
  • Trend is UP 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed above the previous
• LN Open
  • 0.27xASR Above Val­ue, With­in Range
  • Mod­er­ate Imbalance
  • 0.18xASR Tight IBR
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed down

Addi­tion­al Notes

• Price trad­ed high­er but might see some sell off due to today being Friday

Hypos

• Hypo 1
  • Long
  • Sus­tained Auc­tion, pos­si­bly late-sus­tained auc­tion pre­ferred due to new H4 Sup­ply in the way
• Hypo 2
  • Short
  • Failed Auc­tion
• Hypo 3
  • Short
  • Auc­tion Fade, pos­si­ble rever­sal at H4 Supply

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Didn’t have the best sleep so will take extra caution

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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