20220601 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 22 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 closed down fol­low­ing the Bear Engulf but left a longer buy­ing wick not clos­ing with­in MN demand
• W1
  • W1 Bull­ish Inside Bar at W1 QLo with not much continuation
  • Instead a small invert­ed hammer
  • Wide W1 QLo

Nar­ra­tive

• D1
  • D1 Bear Engulf to con­sol­i­da­tion and break down giv­ing D1-C‑S 1853.538 at D1 VWAP in DT
  • D1 QLo reject­ed with price trad­ing mid swing
  • Prev. Day Exceed­ed ADR by 1.02
• H4
  • H4 DBD reject­ing H4 QHi, price trad­ing mid swing
  • H4 Phase 4
• Trend
  • Trend Change: Trend is down 2/3
• Mar­ket Profile
  • Wide val­ue cre­at­ed below two over­lap­ping values
• LN Open
  • LN slight­ly wider than NY
  • Asia extend­ed and trad­ed lower
  • 1.02xASR Below Val­ue, Out­side Range
  • Large Imbal­ance
  • 0.4xASR IBR

Addi­tion­al Notes

• Jun 03, 20:30, USD, Non­farm Pay­rolls Pri­vate (May)

Hypos

• Hypo 1
  • Long
  • Sus­tained Auction
• Hypo 2
  • Short
  • Failed Auc­tion
• Hypo 3
  • Short
  • Return to Val­ue, Auc­tion Fade, Reversal,

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing tired still, extra cau­tion, prob­a­bly won’t trade

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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