20220708 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
  • Price made a LL and is trad­ing below body and range
  • MN QHi reject­ed, price trad­ing mid swing although at MN-C‑D 1738.757
• W1
  • Price trad­ing below body and range hav­ing made a LL
  • Price trad­ing with­in Wide W1 QLo

Nar­ra­tive

• D1
  • Pos­si­ble D1 Phase 4
  • D1 Inside Bar at MN/D1 demand, if it gets tak­en out it will also take out W1/D1 QLo
• H4
  • Extend­ed H4 con­sol­i­da­tion above MN/D1 demand
• Trend
  • Strong DT 3/3
• Mar­ket Profile
  • Val­ues in DT
• LN Open
  • Open With­in Value
  • Asia extend­ed above and returned to IB
  • 0.71xASR (some­what wide) IBR
  • A and B TPO closed below VAL

Addi­tion­al Notes

• NFP today

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion, Rever­sal (pos­si­bly with­in IBR), will mon­i­tor for a 3‑I day
• Hypo 2
  • Long
  • Late-Sus­tained Auction
• Hypo 3
  • Short
  • 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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