30 Mar 20220330 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 made a HH but is currently trading back within range
- Price trading within MN QHi
- W1
- Price trading within last week’s W1 Bullish Inside Bar
- W1 QHi rejected
- Price made a LL
Narrative
- D1
- D1 Hammer formed, possible continuation
- Prev. Day Exceeded ADR by 1.20
- D1 QHi rejected
- H4
- H4 Bull Engulf formed at D1 Demand rejecting H4 QLo
- Trend
- Trend is UP 2/3
- Market Profile
- Values in DT
- LN Open
- 0.43xASR Above Value, Within Range
- Moderate Imbalance
- 0.31xASR Tight IBR
- Asia extended and traded higher
Additional Notes
- N.A.
Hypos
- Hypo 1
- Long
- Return to Value, VAH reversal, possible Failed Auction
- Hypo 2
- Short
- Value Acceptance
- Hypo 3
- Long Auction Fade
Clarity
- 3
Mindful Trading (lack of sleep?)
- Late in the month. I’m in the profit for the month so won’t take any unnecessary risks.
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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