20220706 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

See more

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Larg­er Timeframe

• MN
  • MN is trad­ing below body and range hav­ing made a LL tak­ing out MN demand although no trad­ing at MN-C-D1780.587 which is a pos­si­ble Base lev­el and could see con­tin­u­a­tion to orig­i­nat­ing lev­el of MN-C‑D 1738.757
• W1
  • Price trad­ing below body and range hav­ing made a LL cur­rent­ly trad­ing at W1-C‑D 1764.089
  • Price is trad­ing with­in Wide W1 QLo get­ting close to tak­en out swing low (although coin­cid­ing with W1 LKC)

Nar­ra­tive

• D1
  • Big bar down clos­ing deep­er with­in Wide D1 QLo (shar­ing same lev­el with W1QLo)
• H4
  • Some slow­down in price at W1/D1 demand
• Trend
  • Strong DT 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed above the previous
• LN Open
  • Prev. Day Exceed­ed ADR by 1.96
  • 1.92xASR Below Val­ue, Out­side Range
  • Huge Imbal­ance
  • Asia formed a Neu­tral Day most­ly trad­ing lower
  • 0.23xASR Tight IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Long
  • Late-Sus­tained Auc­tion, prefer­ably tak­ing out Asia high
• Hypo 2
  • Short
  • Failed Auc­tion, pos­si­ble continuation
• Hypo 3
  • Short
  • 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

• Twit­ter
• Insta­gram