20220510 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 19 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 Bear Engulf reject­ing MN QHi
  • Price made a LL and is trad­ing below body but with­in range
• W1
  • W1 closed down as a Bear­ish Hammer
  • Price trad­ing below body but with­in range
  • W1 QHi reject­ed, price trad­ing mid swing

Nar­ra­tive

• D1
  • Prev. Day Exceed­ed ADR by 1.12
  • D1 Closed down with­in Demand as a Marubozu
  • D1 QHi reject­ed, price trad­ing mid swing
• H4
  • Price trad­ing with­in H4 QLo
  • Pos­si­ble H4 Phase 1 / 3
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ues in DT, yesterday’s val­ue wider than usual
• LN Open
  • 0.05xASR Below Val­ue, With­in Range
  • Asia formed a Neu­tral day but pre­dom­i­nant­ly trad­ed higher
  • 0.21xASR Tight IBR
  • Price accept­ed val­ue but then extend­ed to the down­side, pos­si­ble con­sol­i­da­tion at VAL

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Failed Auc­tion to Val­ue Acceptance
• Hypo 2
  • Short
  • Late-Sus­tained Auction
• Hypo 3
  • Long 
  • Auc­tion Fade

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Not feel­ing too sharp

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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