08 Apr 20220408 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
- MN Inverted Hammer closing within MN QHi
- Price trading within last month’s body
- W1
- W1 Consolidation
- W1 QHi rejected
- Price trading within last week’s body
Narrative
- D1
- Possible D1 Phase 1 / 3
- Price trading between D1-C‑S 1932.614 and D1-C‑D 1922.644
- H4
- H4 Three Outside Down at D1 Supply with some follow-through
- Price trading mid swing coming from H4 QLo rejection
- Trend
- Trend is up 2/3
- Market Profile
- Long bracketing range
- LN Open
- 0.08xASR Above Value, Within Range
- Moderate Imbalance, although within a bracketing range
- Asia formed a Neutral Day but predominantly traded down
Additional Notes
- Possible Friday profit-taking
Hypos
- Hypo 1
- Short
- Failed Auction
- Hypo 2
- Long
- Late-Sustained Auction
- Hypo 3
- Short
- Value Acceptance
- Hypo 4
- Short
- Auction Fade
Clarity
- 3
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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