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08 Nov 20221108 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 trading above body, within range
- W1
- Possible W1 Phase 1 / 3
- Price trading within body
- Price trading above MN/W1 QLo
Narrative
- D1
- D1 Spinning Top after a big up day still trading within D1 Supply at D1 50MA in DT
- D1 QLo rejected, price trading mid swing
- H4
- Price faltering within Wide H4 QHi giving H4-C‑S 1676.942 (within Value)
- Price trading within H4 Demand HiDC
- Trend
- Trend is Down 2/3
- Market Profile
- Value created above the previous
- LN Open
- LN wider than NY
- 0.29xASR Below Value, Within Range
- Moderate Imbalance
- Asia formed a Neutral Day but mostly traded lower
- 0.34xASR IBR closing below Asia, below range
Additional Notes
- N.A.
Hypos
- Hypo 1
- Short
- Sustained Auction
- Hypo 2
- Short
- Return to Value, Reversal, Possible Failed Auction
- Hypo 3
- Long
- Reversal, Auction Fade
- Hypo 4
- Long
- Failed Auction (forward-testing narrative)
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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