20220504 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 18 Trad­ing Plan

See more

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

Larg­er Timeframe

• MN
  • MN Bear Engulf reject­ing MN QHi
  • Price trad­ing below body and range
• W1
  • Pos­si­ble W1 Phase 4
  • W1 QHi rejec­tion, price trad­ing mid swing
  • Price trad­ing below body and range

Nar­ra­tive

• D1
  • D1 Inside Bar clos­ing with­in D1 demand
  • D1 QHi reject­ed, price trad­ing mid swing
  • Prev. Day Exceed­ed ADR by 1.0
• H4
  • H4 DBD Sup­ply Low with­in Dis­tri­b­u­tion Curve
  • Pos­si­ble H4 Phase 1 / 3
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­vi­ous, price trad­ing above
• LN Open
  • 0.31xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia extend­ed and trad­ed lower
  • 0.31xASR Tight IBR

Addi­tion­al Notes

• Thurs­day, May 05, USD, Fed Inter­est Rate Decision
• Fri­day, May 06, USD, Non Farm Pay­rolls (Apr)

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion
• Hypo 2
  • Long
  • Late-Sus­tained Auction
• Hypo 3
  • Short
  • Auc­tion Fade
• Hypo 4
  • Long
  • Return to Val­ue, reversal

Clar­i­ty

• 2

Mind­ful Trad­ing (lack of sleep?)

• Didn’t sleep well so will take extra caution

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
• Insta­gram