20220114 Premarket Prep Gold

14 Jan 20220114 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
  • 0.11xASR Above Val­ue, With­in Range, Mod­er­ate Imbalance, 
• Mar­ket Profile
  • Val­ues in UT
• Nar­ra­tive
  • D1 closed as a con­sol­i­da­tion with longer buy­ing wick below D1 Sup­ply End and has cur­rent­ly made a HH
  • D1 QLo reject­ed and price trad­ing mid swing
  • H4 sup­ply tak­en out dur­ing IB
  • Price trad­ing high­er with­in H4 QHi and H4 bull­ish Inside bar giv­ing H4-C‑D 1820.997
  • Trend is DOWN 2/3
  • Pre­vi­ous Day high near VAH
  • Asia trad­ed higher
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Short
  • Val­ue Accep­tance, risky with new demand at VAL
• Hypo 2
  • Long
  • Return to Val­ue, VAH rever­sal, price pre­ferred to close above Asia and yesterday’s high, pos­si­ble Failed Auction
• Hypo 3
  • Long
  • Sus­tained Auction
  • Prefer­ably price clos­es above Asia and yesterday’s high
• Hypo 4
  • Long
  • Auc­tion Fade

Addi­tion­al Notes

• N.A.

ZOIs for Pos­si­ble Shorts

• D1-C‑S 1810.196

ZOIs for Pos­si­ble Long

• H4-C‑D 1820.997

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