20220224 Premarket Prep Gold

24 Feb 20220224 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 8 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Pos­si­ble devel­op­ing MN RBR
  • Price is near­ing MN QHi (after QHi has been reject­ed mul­ti­ple times) and MN Sup­ply End
  • Price took out MN Sup­ply and is trad­ing with­in MN QHi
• W1
  • Price trad­ing with­in W1 Sup­ply, QHi
  • Price trad­ing above last week’s body and range
  • Price returned with­in last week’s body
  • Price took out W1 demand from May but still trad­ing with­in October’s demand

Nar­ra­tive

• D1
  • D1 speed­bump and break high­er with Bull Engulf giv­ing D1-C‑D 1909.432
  • Price trad­ing with­in W1/D1 QHi
  • Price near­ing D1-C‑S 1954.981
  • Prev. Day trad­ed 0.94xADR, pos­si­ble momentum 
• H4
  • Price trad­ed and closed high­er near­ing D1 Sup­ply (old H4 sup­ply in the way might see reaction)
• Trend
  • Strong UT
  • Trend is up 3/3
• Mar­ket Profile
  • Brack­et­ing range with price overex­tend­ed above value
• LN Open
  • 3.10xASR Above Val­ue, Out­side Range
  • Huge Imbal­ance
  • Asia extend­ed high­er exhaust­ing ADR

Hypos

• Hypo 1
  • Short
  • Mean Rever­sion, near­by D1 Sup­ply, Rever­sal, sus­tained auc­tion, pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Auc­tion Fade
• Hypo 3
  • Long
  • Late-Sus­tained Auction
• Hypo 4
  • Long
  • Failed Auc­tion

Clar­i­ty

• 4

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
  • 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

• Twit­ter
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