20220428 Premarket Prep Gold

28 Apr 20220428 Premarket Prep Gold

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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

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

Larg­er Timeframe

• MN
  • MN Invert­ed Ham­mer react­ing and clos­ing below MN Supply
  • Price trad­ing below body and MN QHi
• W1
  • W1 Bear Engulf reject­ing W1 QHi (2nd time)
  • Price trad­ing below last week’s body and range
  • W1 demand got tak­en out
  • Price trad­ing at W1 VWAP

Nar­ra­tive

• D1
  • D1-C‑S 1899.383 Low in Dist. Curve
  • Price trad­ing below D1 LKC in UT
  • D1 QHi reject­ed, price trad­ing mid swing
  • Prev. Day Exceed­ed ADR by 1.09
• H4
  • Pos­si­ble H4 Phase 1 / 3
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed below but edges touching
• LN Open
  • 0.60xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day and pre­dom­i­nant­ly trad­ed low­er but recovered
  • 0.31xASR Tight IBR

Addi­tion­al Notes

• Last week of the month

Hypos

• Hypo 1
  • Long
  • Failed Auc­tion, pos­si­ble con­tin­u­a­tion to Val­ue Edge, very risky with con­ges­tion in the way
• Hypo 2
  • Short
  • Return to Val­ue, Reversal
• Hypo 3
  • Long
  • Val­ue Acceptance

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Try­ing a new nootrop­ics stack
• Didn’t sleep well but feel­ing okay
• Try­ing out a new for­mat for my pre­mar­ket prep — not sure if I’ll keep it

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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