20220323 Premarket Prep Gold

23 Mar 20220323 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 12 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Price react­ed off MN sup­ply but is still trad­ing with­in MN QHi
• W1
  • W1 Evening Star reject­ing W1 QHi
  • Price is cur­rent­ly trad­ing with­in last week’s body

Nar­ra­tive

• D1
  • D1 Con­sol­i­da­tion
  • D1 QHi rejec­tion with price trad­ing mid swing
• H4
  • H4 Con­sol­i­da­tion with­in H4 QLo
• Trend
  • Trend is UP 2/3
• Mar­ket Profile
  • 2 over­lap­ping val­ues below the over­all range
• LN Open
  • 0.24xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day
  • 0.13xASR Tight IBR

Hypos

• Hypo 1
  • Long
  • Val­ue Accep­tance, risky with D1 Sup­ply there but due to a pos­si­ble con­tin­u­a­tion of con­sol­i­da­tion there could be a push higher
  • Pos­si­ble con­tin­u­a­tion if there is a val­ue rotation
• Hypo 2
  • Short
  • Return to Val­ue, VAL Rever­sal, pos­si­ble Failed Auction
• Hypo 3
  • Short
  • Auc­tion Fade

Clar­i­ty

• 3

Addi­tion­al Notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• There were 3 earth­quakes last night that woke me up so prob­a­bly not the sharpest. Will just sit and observe unless I see some­thing very obvious.

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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