20220113 Premarket Prep Gold

13 Jan 20220113 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 2 Trad­ing Plan

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

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing with­in last month’s body after hav­ing made a HH above its range and is cur­rent­ly trad­ing above MN demand
  • Price start­ed react­ed a bit and price is trad­ing at the top of the body/range
• Last week closed as a W1 Bear Engulf with price cur­rent­ly trad­ing with­in last week’s body test­ing the high

Sen­ti­ment

• LN open
  • 0.63xASR Above Val­ue, Out­side Range, 
  • Mod­er­ate to Large Imbalance,
  • Open at yesterday’s high
• Mar­ket Profile
  • Val­ues in UT
• Nar­ra­tive
  • D1 closed high­er but did not take out supply
  • H4-C‑D 1817.291 With­in val­ue at VAH
  • Trend is Down 2/3
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher
  • H4 price slow­down at old H4 sup­ply trad­ing with­in H4 QHi
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Long
  • Return to Val­ue, VAH Rever­sal, pos­si­ble Failed Auc­tion, pos­si­ble reac­tion off LTF demand above value
  • Pre­ferred if price took out M30 bear engulf
• Hypo 2
  • Short
  • Late-Sus­tained Auc­tion to Val­ue Acceptance
  • Pre­ferred if price can take out LTF sup­ply and re-tests IB low
• Hypo 3
  • Long
  • Auc­tion Fade Long

Addi­tion­al Notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1810.196

ZOIs for Pos­si­ble Long

• H4-C‑D 1817.291

Mind­ful Trad­ing (lack of sleep?)

• Didn’t sleep well, will need to be care­ful. Only trade after C TPO (if any)

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, either hit SL or 2R target
  • 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