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11 May 20220511 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:
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 and range
- W1
- W1 closed down as a Bearish Hammer
- Price trading below body and range
- W1 QHi rejected, price trading mid swing
![](https://www.bearmarkettrader.com/wp-content/uploads/2022/05/20220511-Gold-Premarket-Prep.png)
Narrative
- D1
- Possible D1 Phase 4 taking out D1 demand
- Price reached D1 QLo, although with QLo being wide there could be a continuation
- Price reached D1 demand coinciding with MN base demand level
- Prev. Day Exceeded ADR by 1.06
- H4
- H4 Phase 4 currently testing D1 QLo
- H4 Morning Star rejecting D1 QLo
- H4-C‑S 1859.767 within value
- Trend
- Trend is Down 2/3
- Market Profile
- 2 overlapping values created within overall range with price currently trading below
- LN Open
- 0.86xASR Below Value, Outside Range
- Large Imbalance
- Asia formed a Neutral Day but mostly traded higher
- 0.49xASR IBR
Additional Notes
- N.A.
Hypos
- Hypo 1
- Long
- Mean Reversion, Sustained Auction, risky with not much of a profit target to value edge
- Hypo 2
- Short
- Return to Value, Reversal, Possible Failed Auction
- Hypo 3
- Short
- Late-Sustained Auction
- Hypo 4
- Long
- Auction Fade
Clarity
- 3
Mindful Trading (lack of sleep?)
- Feeling okay but taking it easy
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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