20220610 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
  • Price trad­ing with­in body
  • MN QHi reject­ed, price trad­ing mid swing
• W1
  • Price trad­ing below body but with­in range
  • Price trad­ing above W1 QLo

Nar­ra­tive

• D1
  • Pos­si­ble D1 Phase 1 / 3
  • Price closed as a Bear Engulf with longer buy­ing wick react­ing off VWAP clos­ing slight­ly with­in demand.
  • D1 QLo reject­ed, price trad­ing mid swing
• H4
  • H4 QLo reject­ed, price trad­ing mid swing
  • Price trad­ing with­in over­all range
• Trend
  • Mixed Trend, Up, Down, Up
• Mar­ket Profile
  • 3‑day brack­et­ing range
• LN Open
  • 0.28xASR Below Val­ue, With­in Range
  • Mod­er­ate Imbalance
  • Asia formed a Neu­tral Day but most­ly trad­ed lower
  • 0.33xASR IBR

Addi­tion­al Notes

• Pos­si­ble Fri­day Profit-Taking

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Val­ue Accep­tance, D1 Sup­ply at VAH as well as trad­ing into H4 sup­ply could be risky, pos­si­ble 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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