20220422 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

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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 with longer buy­ing wicks
  • D1 QHi rejec­tion, price trad­ing mid swing
• H4
  • Pos­si­ble H4 Phase 1 / 3
  • H4 demand at VAH
• Trend
  • Trend is UP 2/3
• Mar­ket Profile
  • 2 over­lap­ping val­ues, price slowdown
• LN Open
  • 0.32xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia trad­ed side­ways form­ing a Neu­tral Day
  • 0.26xASR Tight IBR

Addi­tion­al Notes

• Pos­si­ble Fri­day Profit-taking

Hypos

• Hypo 1
  • Long
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auc­tion, mon­i­tor for a pos­si­ble continuation
• Hypo 2
  • Short
  • Val­ue Acceptance
• Hypo 3
  • Short
  • Late-Sus­tained Auction

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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