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19 Sep 20220919 Premarket Prep Gold
#Fintwit #XAUUSD #GOLD #MarketProfile #Orderflow
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This is my premarket prep for today’s European session for GOLD. This prep builds off of my weekly trade plan I made here:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Larger Timeframe
- MN
- Price took out MN demand
- Price is currently trading below body and range
- Price nearing MN 50MA in UT
- W1
- W1 DBD giving W1-C‑S 1710.087 BASE (near Round No.)
- Price closed at W1 200MA in UT
- Price trading below body, but within range
Narrative
- D1
- D1 VWAP in DT TC with continuation closing lower
- D1 Inside Bar
- H4
- H4 Bull Engulf and continuation higher giving H4-C‑D 1663.773 within value, below VAH
- H4 VWAP in DT TC giving H4-C‑S 1675.712
- Trend
- Trend is Down 3/3
- Market Profile
- Values in DT
- LN Open
- Prev. Day Exceeded ADR by 1.06
- LN wider than NY
- 0.01xASR Above Value, Within Range, Ambiguous Open
- Asia traded lower
- 0.44xASR IBR
- A TPO closed lower within value, B formed an Inside Bar reacting off H4 demand
Additional Notes
- N.A.
Hypos
- Hypo 1
- Short
- Value Acceptance, risky with demand
- Hypo 2
- Long
- Return to Value, Reversal, Possible Failed Auction
- Hypo 3
- Short
- Failed Auction
- Hypo 4
- Short
- Auction Fade
Clarity / Confidence (1 — 5, low to high)
- 2
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- Use SL scaling
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