Premarket Prep Gold XAUUSD 06242020

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

• Big H4 bull engulf at demand H4-C‑D 1751.575 NEW and con­se­quent move high­er tak­ing out D1/H4 sup­ply fol­lowed by a consolidation
• Mar­ket Profile
  • Keeps open­ing high­er and is yet again cur­rent­ly trad­ing above value

Com­pared against Week­ly Trad­ing Plan

• Price deep­er into week­ly sup­ply and for now the devel­op­ing MN bar has a tall buy­ing wick (but still more than a week to go so)

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1752

ZOIs for Pos­si­ble Long

• H4-C‑D 1751.575 NEW

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