20220516 Premarket Prep Gold

#fin­twit #XAUUSD #GOLD

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 20 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • MN QHi rejected
  • MN Bear Engulf with con­tin­u­a­tion down
  • Price test­ing MN demand
• W1
  • Pos­si­ble W1 Phase 4, failed to close with­in demand
  • Price cur­rent­ly trad­ing below body and range test­ing W1-C‑D 1807.673
  • Price trad­ing with­in wide W1 QLo

Nar­ra­tive

• D1
  • Price closed low­er with­in Wide D1 QLo
  • Price test­ing D1-C-D1797.238, trad­ing around round num­ber of 1800
• H4
  • Price closed lower
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed below the previous
• LN Open
  • 0.56xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day but most­ly trad­ed lower
  • 1.31xASR Wide IBR
  • ASR exhaust­ed

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Failed Auc­tion
• Hypo 2
  • Short
  • Weak­ness From With­in IBR
• Hypo 3
  • Long
  • Rever­sal
• Hypo 4
  • Short
  • Failed Auc­tion

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • Either hit SL or tar­get, reassess after Trad­ing Win­dow Close
  • 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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