05 Aug 20220805 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 with­in body
• W1
  • W1 Out­side Up not clos­ing above W1 QLo
  • Price trad­ing above body and range hav­ing made a HH

Nar­ra­tive

• D1
  • D1 Bear Engulf with no imme­di­ate con­tin­u­a­tion, instead a Three Out­side Up tak­ing out said sup­ply giv­ing D1-C‑D 1763.229
  • Price closed near its high at D1 50MA in DT
  • D1 QLo reject­ed, price trad­ing mid swing
• H4
  • Pos­si­ble H4 Phase 2, although cur­rent­ly price has formed an Inside Bar and weak DBD
• Trend
  • Trend is Down 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed above the pre­vi­ous although with­in over­all range
• LN Open
  • Prev. Day Exceed­ed ADR by 1.38xADR
  • 0.51xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day, most­ly trad­ing sideways
  • 0.26xASR Tight IBR

Addi­tion­al Notes

• NFP today

Hypos

• Hypo 1
  • Short
  • Late-Sus­tained Auction
• Hypo 2
  • Long
  • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auc­tion, pos­si­ble Auc­tion Fade
• Hypo 3
  • Long
  • Auc­tion Fade
• Hypo 4
  • Long
  • Late-Sus­tained Auction

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