20220426 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 17 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
  • Price trad­ing below last month’s body after react­ing off MN Supply
  • Price trad­ing below MN QHi
• W1
  • W1 Bear Engulf reject­ing W1 QHi
  • Price trad­ing below last week’s body and range

Nar­ra­tive

• D1
  • D1 Phase 4 con­tin­ued clos­ing with­in D1-C‑D 1906.474
  • Price trad­ing at round num­ber of 1900
  • Prev. Day Exceed­ed ADR by 1.51
• H4
  • Price trad­ing with­in wide H4 QLo and almost took out W1 demand / H4 swing extreme, but start­ed reacting
  • H4 RBR after near­ly tak­ing out demand
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­vi­ous with price cur­rent­ly trad­ing below
• LN Open
  • 0.30xASR Below Val­ue, With­in Range
  • Mod­er­ate Imbalance
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher
  • 0.44xASR IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Late-Sus­tained Auc­tion, Val­ue acceptance
• Hypo 3
  • Short
  • Late-Sus­tained Auc­tion, risky trad­ing into D1 demand
• Hypo 4
  • Long
  • Auc­tion Fade

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing a bit tired — extra caution

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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