19 May 20220519 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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Larger Timeframe
- MN
- Price made a LL and seen some reaction off MN demand although still trading lower
- W1
- W1 Phase 4 closing within Wide W1 QLo but failed to close within W1 demand
- Price tested W1 QLo from within and made a LL
Narrative
- D1
- D1 Bull Engulf with no follow-through
- Instead a Bearish Inside Bar followed by a possible base
- Price has not closed above QLo (yet)
- H4
- Possible H4 Phase 1 / 3 taking out newly formed demand
- H4 QLo rejected and price trading mid swing
- Trend
- Trend Change: Mixed Trend, Up, Down, Up
- Market Profile
- Wide Value created below the previous possibly starting an overall range
- LN Open
- Open Within Value
- Asia formed a Neutral Day but mostly traded lower
- 0.28xASR Tight IBR
Additional Notes
- N.A.
Hypos
- Hypo 1
- Short
- Failed Auction
- Hypo 2
- Long
- Strength From Within IBR
- Hypo 3
- Short
- Late-Sustained Auction
- Hypo 4
- Long
- Auction Fade
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
No Comments