20220602 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
  • Price trad­ing with­in body
  • MN QHi reject­ed, price trad­ing mid swing
• W1
  • W1 Bull­ish Inside Bar at W1 QLo, with no con­fi­dent con­tin­u­a­tion (yet)
  • Instead an Invert­ed Hammer
  • Price test­ing W1 QLo again

Nar­ra­tive

• D1
  • D1 Bull­ish Inside Bar at W1 QLo
  • Price hug­ging D1 VWAP in DT
  • D1 QLo reject­ed, price trad­ing mid swing
  • Prev. Day Exceed­ed ADR by 1.01
• H4
  • H4 Three Out­side Down at H4 VWAP
  • H4 QLo reject­ed, price trad­ing mid swing
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed below over­all range
• LN Open
  • LN wider than NY
  • Asia formed a Neu­tral Day but most­ly trad­ed higher
  • 1.29xASR Above Val­ue, Out­side Range
  • Large to Huge Imbalance
  • 0.25xASR Tight IBR

Addi­tion­al Notes

• NFP is tomorrow

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion, Reversal
• Hypo 2
  • Long
  • Late-Sus­tained Auction
• 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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