Premarket Prep Gold XAUUSD 06232020

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for Gold XAUUSD. This prep builds off of my week­ly trade plan I made here:

XAUUSD – Week 26 Trad­ing Plan

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The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

• The day trad­ed slight­ly up and is still below D1 UKC with­in Sup­ply ZOI
• H4 bull engulf yes­ter­day (form­ing new H4 demand H4-C‑D 1751.575 NEW) with a very long sell­ing wick reject­ing H4-C‑S 1762.135 and con­se­quent­ly trad­ed slight­ly high­er remain­ing above UKC
• M30 Q points estab­lished after NY took it up and retraced
• New­ly formed H1 sup­ply and demand with H1-C‑S 1753.489 and H1-C‑D 1749.151
• Mar­ket Profile
  • Val­ue is in uptrend and cur­rent­ly price is trad­ing above val­ue edge but will need to reassess at open

Com­pared against Week­ly Trad­ing Plan

• Still trad­ing around W1-C‑S 1752
• Still with­in D1 QHi

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1752
• H1-C‑S 1753.489

ZOIs for Pos­si­ble Long

• H4-C‑D 1751.575 NEW
• H1-C‑D 1749.151

Focus Points for trad­ing development

• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits