17 Oct 20221017 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 42 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, but with­in range, trad­ing above MN QLo
• W1
  • W1 Bear Engulf giv­ing W1-C‑S 1664.493 Low in Dist. Curve
  • Price trad­ing with­in body
  • Price trad­ing above MN/W1 QLo

Nar­ra­tive

• D1
  • Price retraced to D1 Base Demand lev­el and closed low­er slight­ly with­in D1 QLo, price has not yet returned to orig­i­nat­ing lev­el of 1630
• H4
  • Arrival at H4 QLo with some reaction
• Trend
  • Trend is Down 3/3
• Mar­ket Profile
  • Val­ue cre­at­ed below pre­vi­ous bracket
• LN Open
  • Prev. Day Exceed­ed ADR by 1.10
  • 0.02xASR Below Val­ue, Out­side Range, Ambigu­ous open
  • Mod­er­ate to Large Imbalance
  • Asia trad­ed higher
  • 0.42xASR IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Rever­sal, pos­si­ble Failed Auction
• Hypo 2
  • Long
  • Val­ue Accep­tance, risky
• Hypo 3
  • Long
  • 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

• Twit­ter
• Insta­gram