20220413 Premarket Prep Gold

13 Apr 20220413 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
  • D1 trad­ed and closed high­er mak­ing a HH after hav­ing tak­ing out D1 Supply
  • Prev. Day Exceed­ed ADR by 1.17
• H4
  • H4 Bear­ish Inside Bar at H4 QHi (coin­cid­ing with OLD H4 sup­ply) with no imme­di­ate continuation
• Trend
  • Strong UT
• Mar­ket Profile
  • 2 over­lap­ping val­ues after UT
• LN Open
  • 0.72xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher
  • 0.44xASR IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Late-Sus­tained Auc­tion, prefer­ably hold above Asia
• Hypo 2
  • Short
  • Failed Auc­tion
• Hypo 3
  • Short
  • Auc­tion Fade
• Hypo 4
  • Short
  • Late-Sus­tained Auction

Clar­i­ty

• 2

Mind­ful Trad­ing (lack of sleep?)

• Still not feel­ing the sharpest. Was sick a few days. 

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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