20220629 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 26 Trad­ing Plan

See more

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 long buy­ing wick, price closed slight­ly low­er with­in W1 QLo
  • Price cur­rent­ly trad­ing below body, but with­in range

Nar­ra­tive

• D1
  • Pos­si­ble D1 Phase 1 / 3
  • Weird D1 Bear Engulf retrac­ing to Base sup­ply lev­el with slight con­tin­u­a­tion clos­ing as an Invert­ed Ham­mer with­in D1 demand although fail­ing to close with­in D1 QLo 
• H4
  • Pos­si­ble H4 Phase 1 / 3
  • Weak H4 Bull Engulf above D1 QLo at D1 demand
  • Price trad­ing with­in wide H4 QLo
• Trend
  • Mixed Trend
• Mar­ket Profile
  • Wide val­ue cre­at­ed below the pre­vi­ous but with­in over­all range
• LN Open
  • 0.40xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia extend­ed and trad­ed higher
  • Open at yesterday’s low, D1 QLo
  • 0.26xASR IBR Slight­ly Tight IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Rever­sal, pos­si­ble Failed Auc­tion, Pos­si­ble Continuation
• Hypo 2
  • Short
  • Late-Sus­tained Auc­tion, risky trad­ing right into D1 demand, D1 QLo
• Hypo 3
  • Long
  • Auc­tion Fade

Clar­i­ty / Confidence

• 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

• Twit­ter
• Insta­gram