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:

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 and range
• W1
  • W1 closed down as a Bear­ish Hammer
  • Price trad­ing below body and range
  • W1 QHi reject­ed, price trad­ing mid swing

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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