20220217 Premarket Prep Gold

17 Feb 20220217 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 7 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Price trad­ing above last month’s body and range but still with­in over­all MN Supply
• W1
  • W1 Three Out­side Up test­ing W1 QHi clos­ing with­in W1 Sup­ply after tak­ing out a new­ly formed W1 Supply
  • Price took out W1/D1 Supply
  • Cur­rent­ly trad­ing with­in last week’s body after hav­ing extend­ed the range to the upside mak­ing a HH
  • Price trad­ing above range again with­in W1 QHi

Nar­ra­tive

• D1
  • D1 closed high­er with­in new­ly cre­at­ed D1 Sup­ply ignor­ing new­ly formed Bear Engulf
  • Pos­si­ble D1 Phase 1 / 3
  • Price trad­ing with­in D1 QHi
• H4
  • Price returned to H4 QHi and formed a base although already retraced to base level
  • Price closed as a Hammer
• Trend
  • Trend is UP 2/3
  • Trend Change 3/3, Strong UT
• Mar­ket Profile
  • 3‑day brack­et­ing range, price mak­ing big swings above
  • Price cur­rent­ly trad­ing above value
• LN Open
  • 1.46xASR Above Val­ue, Out­side Range
  • Huge Imbal­ance
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher
  • 1.19xASR Wide IBR
  • ADR exhaus­tion right above at D1-C‑S 1892.673, pos­si­bil­i­ty for uni­di­rec­tion­al day but hard with sup­ply in the way

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion, Pos­si­ble D1 C‑Sup Reversal
• Hypo 2
  • Long
  • Strength From With­in IBR
• Hypo 3
  • Long
  • Late-Sus­tained Auction
• Hypo 4
  • Short
  • Auc­tion Fade

Clar­i­ty

• 3

Addi­tion­al Notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 2 a day (not in the same prod­uct at the same time) 
  • No ear­ly exits
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
• Process
  • Keep trade review com­ments short
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

• Twit­ter
• Insta­gram