Premarket Prep Gold XAUUSD 06262020

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

• Yes­ter­day closed as doji but still with­in con­sol­i­da­tion range
• H4 Bear Engulf at D1-C‑S 1763.743 but no break away, instead price trad­ing with­in bear engulf range at VWAP above UKC
  • 2nd bear engulf at same lev­el with c‑line H4-C‑S 1762.983 NEW
• H4 Bear Engulf c‑line H4-C‑S 1761.023 is also H4 demand H4-C-S‑D 1761.023
• Both sup­ply and demand have been test­ed over and over
• Mar­ket Profile
  • Cur­rent­ly price trad­ing with­in value

Com­pared against Week­ly Trad­ing Plan

• Price still trad­ing with­in Week­ly supply

Sen­ti­ment — Neutral

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1773.780
• W1-C‑S 1752.719
• H4-C-S‑D 1761.023 BEAR and Demand

ZOIs for Pos­si­ble Long

• H4-C-S‑D 1761.023 BEAR and Demand
• H4-C‑D 1751.575

Focus Points for trad­ing development

• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Trad­ing Priority
    • FX pair out­side value
    • FX pair inside > Gold
    • 2+R prof­it dur­ing LN con­sid­er trad­ing PNYC
  • After 4 los­ing trades reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits