03 Aug 20220803 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 31 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Price trad­ing below body, with­in range
• W1
  • Price made a HH and is cur­rent­ly trad­ing above body

Nar­ra­tive

• D1
  • D1 Bear Engulf giv­ing D1-C‑S 1763.229 at the inside of W1 QLo
• H4
  • H4 demands tak­en out
  • H4 Three Out­side Up react­ing off Old H4 demand coin­cid­ing with H4 UKC in UT TC
  • H4-C‑S 1775.377 with­in value
• Trend
  • Trend is Down 3/3
• Mar­ket Profile
  • Val­ues in UT, 2 over­lap­ping values
• LN Open
  • 0.17xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia extend­ed and trad­ed higher
  • 0.25xASR Tight IBR

Addi­tion­al Notes

• Fri­day, Aug 05, USD, Non­farm Pay­rolls Pri­vate (Jul)

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auction
• Hypo 2
  • Short
  • Sus­tained Auc­tion, H4 demand in the way could be risky, late-sus­tained preferred 
• Hypo 3
  • Long
  • Val­ue Accep­tance, pos­si­ble Failed Auc­tion due to Tight IBR
• Hypo 4
  • Long
  • Auc­tion Fade

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

• 3

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • Use SL scaling

• Twit­ter
• Insta­gram