20220420 Premarket Prep Gold

20 Apr 20220420 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 16 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 a MN Invert­ed Hammer
  • Cur­rent­ly price is trad­ing above last month’s body but with­in range and start­ed react­ing off MN Supply
• W1
  • W1 Three Out­side Up with price mak­ing a HH although start­ed react­ing off W1 Sup­ply and QHi and price has returned to new­ly formed W1-C‑D 1947.156 High in Dis­tr. Curve

Nar­ra­tive

• D1
  • D1 con­sol­i­da­tion and break down at D1 QHi after a near-test of round num­ber of 2000
  • Prev. Day Exceed­ed ADR by 1.55
• H4
  • H4 Phase 4 arriv­ing at OLD H4 demand, no arrival at H4 QLo (yet)
• Trend
  • Trend is Up 2/3 (Trend Change)
• Mar­ket Profile
  • 4 val­ues cre­at­ed with­in over­all range with the last below the pre­vi­ous and price is cur­rent­ly trad­ing overex­tend­ed below value
• LN Open
  • 2.06 ASR Below Val­ue, Out­side Range
  • Huge Imbal­ance
  • 0.25xASR Tight IBR
  • Asia Trad­ed down

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Late-Sus­tained Auction
• Hypo 2
  • Long
  • Auc­tion Fade
• Hypo 3
  • Short
  • Failed Auc­tion, risky tight IBR, might have to mon­i­tor for continuation
• Hypo 4
  • Long
  • Failed Auc­tion, risky tight IBR

Clar­i­ty

• 2

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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