20220526 Premarket Prep Gold

#fin­twit #XAUUSD #GOLD #Mar­ket­Pro­file #Order­flow

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 21 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 Bear Engulf reject­ing MN QHi
  • Price made a LL and saw some reac­tion off MN demand
• W1
  • W1 Bull­ish Inside Bar at W1 QLo
  • Price made a HH and is cur­rent­ly trad­ing with­in body

Nar­ra­tive

• D1
  • D1 Bear Engulf at D1 VWAP in DT although not the strongest leav­ing a longer buy­ing wick
  • D1 QLo reject­ed with price trad­ing mid swing
• H4
  • H4 trad­ed low­er then formed a Bull Engulf with no continuation
  • Instead a sup­ply giv­ing H4-C‑S 1853.077 at VAL
• Trend
  • Mixed Trend, Up, Down, Up
• Mar­ket Profile
  • 3 over­lap­ping val­ues after UT
• LN Open
  • 0.40xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day but most­ly trad­ed lower
  • 0.26xASR Tight IBR

Addi­tion­al Notes

• N.A. 

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Late-Sus­tained Auc­tion to Val­ue Accep­tance, pos­si­ble Failed Auc­tion due to Tight 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

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