20220623 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 25 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 is trad­ing below body but with­in range
• W1
  • W1 Bear Engulf giv­ing W1-C‑S 1852.151 but with a long buy­ing wick

Nar­ra­tive

• D1
  • Price returned to D1-C‑S 1834.922 BASE lev­el and closed as a con­sol­i­da­tion with equal-long buy­ing and sell­ing wicks above W1 QLo
  • D1 QLo reject­ed and price is trad­ing mid swing
  • Pos­si­ble D1 Phase 1 / 3
• H4
  • H4 QLo reject­ed and QHi is test­ed fol­lowed by a H4 DBD at D1 Sup­ply Base level
  • Pre­mar­ket formed a H4 Bull­ish Inside Bar at W1 QLo
• Trend
  • Mixed Trend
• Mar­ket Profile
  • Very wide val­ue cre­at­ed over­lap­ping the pre­vi­ous, price trad­ing with­in over­all range
• LN Open
  • Prev Day did not exceed ADR but did trade 0.94 indi­cat­ing pos­si­ble momentum
  • Open Inside Val­ue (wide value)
  • Asia formed a Neu­tral Day but most­ly trad­ed lower
  • 0.32xASR Tight IBR
  • IB closed above VAH

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Late-Sus­tained Auction
• Hypo 2
  • Short
  • Failed Auc­tion
• Hypo 3
  • Short
  • Auc­tion Fade
• Hypo 4
  • Long
  • Failed Auc­tion

Clar­i­ty

• 2

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay although a lit­tle tired

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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