01 Jun 20230601 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 2023 Week 23 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 

• Price closed as a Bear­ish Inside Bar although some­what weak with long buy­ing and sell­ing wicks. Sell­ing wick longer. 
• Price still trad­ing above MN demand Base HiDC

W1 price trading:

With­in Body — Mid Swing 

• W1 QHi rejected
• Trad­ing at W1 VWAP in UT

Nar­ra­tive

• D1
  • D1 Con­sol­i­da­tion and break high­er giv­ing D1-C‑D 1944.081
  • Price test­ed but start­ed react­ing at D1-C‑S 1971.156 BASE
• H4
  • Price trad­ing with­in H4 demand from con­sol­i­da­tion after react­ing at H4 UKC in UT
  • H4 con­sol­i­da­tion and break down at H4 QHi
• Trend
  • Mixed Trend
• Mar­ket Profile 
  • 3 over­lap­ping values
• LN Open
  • 0.14 x ASR- Above Val­ue — With­in Range
  • Mod­er­ate Imbalance
  • Asia formed a Neu­tral Day but trad­ed lower
  • Prev. Day Exceed­ed ADR by 1.15
  • 0.43xASR IBR
  • Price rotat­ed through Value

Addi­tion­al Notes

• NFP Tomor­row

Hypos

• Hypo 1
  • Short
  • Val­ue Acceptance
• Hypo 2
  • Short
  • Late-Sus­tained Auction
• Hypo 3
  • Long
  • Auc­tion Fade

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

• 2

Mind­ful Trad­ing (1–5 Bad to Good)

• 3

Focus Points for trad­ing development

• Month­ly Goals 
  • Use SL scaling

• Twit­ter
• Insta­gram