20220512 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
  • Price run­ning into con­ges­tion from MN demand
• W1
  • W1 closed down as a Bear­ish Hammer
  • Pos­si­ble H4 Phase 4
  • Price trad­ing below body and range
  • Arrival at W1 QLo has seen some reaction

Nar­ra­tive

• D1
  • Pos­si­ble start of D1 con­sol­i­da­tion at D1 QLo as it’s not a full Bull Engulf it doesn’t mean price won’t trade higher
• H4
  • H4 con­sol­i­da­tion at H4 VWAP in DT after a move from D1 QLo
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed below the previous
• LN Open
  • Open WIth­in Value
  • Asia formed a Neu­tral Day but most­ly trad­ed down
  • 0.60xASR Wide IBR
  • Might just see respon­sive activity

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion
• Hypo 2
  • Short
  • Strength From With­in IBR
• Hypo 3
  • Long
  • Failed Auc­tion
• Hypo 4
  • Long
  • Auc­tion Fade, Pos­si­ble 3–1 Day

Clar­i­ty

• 2

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay but will take 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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