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20 Apr 20220420 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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Larger Timeframe
- MN
- Last month closed as a MN Inverted Hammer
- Currently price is trading above last month’s body but within range and started reacting off MN Supply
- W1
- W1 Three Outside Up with price making a HH although started reacting off W1 Supply and QHi and price has returned to newly formed W1-C‑D 1947.156 High in Distr. Curve
![](https://www.bearmarkettrader.com/wp-content/uploads/2022/04/20220420-Gold-Premarket-Prep.png)
Narrative
- D1
- D1 consolidation and break down at D1 QHi after a near-test of round number of 2000
- Prev. Day Exceeded ADR by 1.55
- H4
- H4 Phase 4 arriving at OLD H4 demand, no arrival at H4 QLo (yet)
- Trend
- Trend is Up 2/3 (Trend Change)
- Market Profile
- 4 values created within overall range with the last below the previous and price is currently trading overextended below value
- LN Open
- 2.06 ASR Below Value, Outside Range
- Huge Imbalance
- 0.25xASR Tight IBR
- Asia Traded down
Additional Notes
- N.A.
Hypos
- Hypo 1
- Short
- Late-Sustained Auction
- Hypo 2
- Long
- Auction Fade
- Hypo 3
- Short
- Failed Auction, risky tight IBR, might have to monitor for continuation
- Hypo 4
- Long
- Failed Auction, risky tight IBR
Clarity
- 2
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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