20220517 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
  • Price trad­ing below body and range, some reac­tion off MN demand
  • MN QHi rejec­tion, price trad­ing mid swing
• W1
  • Price trad­ing with­in wide W1 QLo
  • Price made a LL and start­ed react­ing off W1 demand

Nar­ra­tive

• D1
  • D1 Bull Engulf react­ing off demand
  • Price still trad­ing with­in Wide D1 QLo
• H4
  • H4 QLo reject­ed, price trad­ing mid swing at H4 VWAP in DT
• Trend
  • Mixed Trend, Up, Down, Up
• Mar­ket Profile
  • Val­ues in DT, price trad­ing above value
• LN Open
  • 1.23xASR Above Val­ue, Out­side Range
  • Huge Imbal­ance
  • Open at yesterday’s high
  • 0.40xASR IBR
  • Asia trad­ed extend­ed down but most­ly trad­ed sideways

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Late-Sus­tained Auction
• Hypo 2
  • Long
  • Failed Auc­tion
• Hypo 3
  • Short
  • Late-Sus­tained Auction
• Hypo 4
  • Short
  • Failed Auc­tion

Clar­i­ty

• 1

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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