20220316 Premarket Prep Gold

16 Mar 20220316 Premarket Prep Gold

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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 11 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Price trad­ing with­in MN QHi and MN Supply
  • Price start­ed trad­ing below MN supply
• W1
  • Price formed a Doji with longer sell­ing wick with­in W1 QHi and W1 Supply
  • Price trad­ing below last week’s body and range and W1 QHi
  • Pos­si­ble devel­op­ing W1 Evening Star

Nar­ra­tive

• D1
  • D1 Phase 4 tak­ing out D1 sup­ply, with slight reac­tion of D1 ‑C-D 1909.747
  • D1 QHi reject­ed and price is trad­ing mid swing
  • Prev. Day Exceed­ed ADR by 1.08
• H4
  • H4 con­sol­i­dat­ing with­in H4 QLo above D1 Demand
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ues in DT
• LN Open
  • 0.36xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day
  • 0.17xASR Tight IBR

Hypos

• Hypo 1
  • Short
  • Late-Sus­tained Auction
• Hypo 2
  • Long
  • Failed Auc­tion
• Hypo 3
  • Short
  • Return to Val­ue, VAL rever­sal, pos­si­bly at LTF supply
• Hypo 4
  • Long
  • Auc­tion Fade

Clar­i­ty

• 2

Addi­tion­al Notes

• Fed Rate Deci­sion tomor­row. Might not see much happening.

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

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