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:

Gold 2022 Week 14 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
  • 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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