20220607 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 23 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 with continuation
  • How­ev­er, price left a longer buy­ing wick react­ing off MN Demand
• W1
  • W1 Bull­ish Inside Bar at W1 QLo, with not much continuation
  • Instead some consolidation
  • Price trad­ing below body, with­in range

Nar­ra­tive

• D1
  • D1 Bear­ish Inside Bar with some con­tin­u­a­tion form­ing a Three Out­side Down giv­ing D1-C‑S 1850.751 clos­ing with­in D1-C‑D 1847.148
  • Price closed above D1 VWAP, pos­si­ble devel­op­ing CAS unless price takes out demand
  • D1 QHi reject­ed, with price trad­ing mid swing
• H4
  • Price trad­ing low­er giv­ing H4-C‑S 1852.805
  • Arrival at H4 QLo price start­ed consolidating
• Trend
  • Mixed Trend, Up, Down, Up 
• Mar­ket Profile
  • H&S pat­tern in val­ue cre­at­ed below the pre­vi­ous after a UT
• LN Open
  • 0.87xASR Below Val­ue, Out­side Range
  • Large Imbal­ance
  • Asia formed a Neu­tral Day but most­ly trad­ed higher
  • D1-C‑S 1850.751 below VAL at Ses­sion Range Low
  • 0.41xASR IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Sus­tained Auction
• Hypo 2
  • Short
  • Return to Val­ue, Rever­sal, pos­si­ble Failed Auc­tion if lat­er in the session
• Hypo 3
  • Short
  • Late-Sus­tained Auction
• Hypo 4
  • Long
  • Auc­tion Fade

Clar­i­ty

• 2

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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