20220704 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 27 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 closed with­in MN demand but did not make a LL
  • Price trad­ing at MN UKC in UT
  • MN QHi reject­ed, price trad­ing mid swing
  • Price made a LL but is trad­ing with­in body again
• W1
  • Price closed with­in Wide W1 QLo but failed to close with­in W1-C‑D 1807.673 leav­ing a longer buy­ing wick.
  • Price trad­ing with­in body

Nar­ra­tive

• D1
  • D1 Ham­mer react­ing off D1-C‑D 1797.673 (near round number)
  • Wide D1 QLo shar­ing the same lev­els as W1 QLo
• H4
  • H4 Bull Engulf at D1 demand with con­tin­u­a­tion reject­ing H4 QLo
  • H4 con­sol­i­da­tion at H4 VWAP in DT
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • Val­ue cre­at­ed below the previous
• LN Open
  • Prev. Day Exceed­ed ADR by 1.26
  • 0.53xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day
  • 0.16xASR Tight IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Failed Auc­tion, pos­si­ble continuation
• Hypo 2
  • Short
  • Late-Sus­tained Auction
• Hypo 3
  • Long
  • Return to Val­ue, Rever­sal, pos­si­ble 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

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