20220624 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 trad­ing below body, but with­in range
• W1
  • W1 Bear Engulf with longer buy­ing wick
  • Price trad­ing below body, but with­in range test­ing W1 QLo

Nar­ra­tive

• D1
  • D1 DBD giv­ing D1-C‑S 1831.278 BASE (with­in value)
  • Price failed to close with­in D1-C‑D 1821.414 near­ing D1 QLo
• H4
  • H4 demand got tak­en out and price closed with­in H4 QLo and start­ed consolidating
• Trend
  • Mixed Trend
• Mar­ket Profile
  • 3 over­lap­ping values
• LN Open
  • 0.25xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day trad­ing sideways
  • NY wider than LN
  • Open at Yesterday’s low
  • M15 dur­ing B TPO closed right at VAL, no con­fi­dent close, although then B TPO closed with­in Value
  • 0.61xASR IBR

Addi­tion­al Notes

• Pos­si­ble Fri­day Profit-Taking

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Val­ue Accep­tance, risky with con­ges­tion with­in val­ue, pos­si­ble Late-Sus­tained Auction
• Hypo 3
  • Long
  • Auc­tion Fade
• Hypo 4
  • Long
  • Failed Auc­tion

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• A bit tired, will take it easy

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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