20220412 Premarket Prep Gold

12 Apr 20220412 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 15 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Larg­er Timeframe

• MN
  • Last month closed as an Invert­ed Ham­mer, pos­si­ble con­tin­u­a­tion although trad­ing into MN Supply
  • Price trad­ing with­in MN QHi
  • Price cur­rent­ly trad­ing above last month’s body, but still with­in range
• W1
  • W1 con­sol­i­da­tion after W1 QHi rejection
  • Price cur­rent­ly trad­ing above last week’s body and range has made a HH

Nar­ra­tive

• D1
  • Yes­ter­day closed high­er but leav­ing a longer sell­ing wick react­ing off MN Sup­ply and price took out D1 Supply
  • D1 QHi reject­ed, price trad­ing mid swing
  • Prev. Day Exceed­ed ADR by 1.20
• H4
  • Price arrived at H4 QHi and saw a rever­sal with no fol­low-through. Instead a close high­er with­in H4 QHi and H4 Supply
• Trend
  • Strong UT
• Mar­ket Profile
  • Price cre­at­ed val­ue above the pre­vi­ous brack­et­ing range
• LN Open
  • Open With­in Value
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher
  • Open at H4 QHi, IBR trad­ed down
  • 0.40xASR IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Failed Auc­tion, pos­si­ble 3‑I Day
• Hypo 2
  • Short
  • Late-Sus­tained Auction
• Hypo 3
  • Long
  • Auc­tion Fade

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing not too sharp today, be cautious

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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