20220518 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 is test­ing MN demand after a Bear Engulf reject­ing MN QHi
• W1
  • W1 Phase 4, no rever­sal yet
  • Price trad­ing below body, with­in range
  • Price trad­ing with­in Wide QLo

Nar­ra­tive

• D1
  • D1 Bull Engulf with no fol­low-through, instead a Bear­ish Inside Bar test­ing inside of Wide D1 QLo
• H4
  • H4 VWAP / LKC in DT TC giv­ing H4-C‑S 1827.588 (with­in value)
  • Price failed to test H4 QHi and is near­ing QLo again
• Trend
  • Mixed Trend, Up, Down, Up
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous DT
• LN Open
  • 0.87xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbal­ance, but only nearly
  • 0.42xASR IBR
  • Asia formed a Neu­tral Day but most­ly trad­ed lower

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Sus­tained Auc­tion, some con­ges­tion in the way, 
• Hypo 2
  • Short
  • Return to Val­ue, Rever­sal, Auc­tion Fade
• Hypo 3
  • 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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