26 Jul 20220726 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 30 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Price trad­ing with­in MN demand after price almost took out demand
  • MN QHi rejec­tion, price trad­ing mid swing
• W1
  • W1 Bull­ish Inside Bar fail­ing to close above W1 demand, price trad­ing with­in body with­in demand, with­in Wide W1 QLo

Nar­ra­tive

• D1
  • D1 Bull Engulf with slight con­tin­u­a­tion high­er, fol­lowed by a Bear­ish Inside Bar although could be a pos­si­ble consolidation. 
• H4
  • 2nd H4 Bear Engulf giv­ing sup­ply H4-C‑S 1724.514 (at VAL) with no imme­di­ate con­tin­u­a­tion, instead a retrace­ment clos­ing with­in new­ly formed Supply. 
  • Pre­mar­ket formed a Ham­mer, pos­si­ble Base
• Trend
  • Trend is Down 2/3
• Mar­ket Profile
  • 2 over­lap­ping val­ues still with­in over­all range
• LN Open
  • LN slight­ly wider than NY
  • 0.06xASR Below Val­ue, With­in Range
  • Mod­er­ate Imbalance
  • 0.23xASR Tight IBR
  • A TPO accept­ed val­ue, B TPO closed as a Bear Engulf
  • Asia extend­ed and trad­ed higher

Addi­tion­al Notes

• Thurs­day, Jul 28, USD, Fed Inter­est Rate Decision

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auc­tion, sus­tained auction
• Hypo 2
  • Long
  • Failed Auc­tion, pos­si­ble con­tin­u­a­tion VAA hybrid
• Hypo 3
  • Long
  • Auc­tion Fade

Clar­i­ty / Con­fi­dence (1 — 5, low to high)

• 2

Mind­ful Trad­ing (lack of sleep?)

• Extra cau­tion

Focus Points for trad­ing development

• Month­ly Goals
  • Use SL scaling

• Twit­ter
• Insta­gram