Premarket Prep Gold XAUUSD 07012020

01 Jul Premarket Prep Gold XAUUSD 07012020

#trad­ing­forex #forex #XAUUSD #GOLD #day­trad­ing #trad­inglifestyle #day­trader­life

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:

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

Non-con­jec­ture obser­va­tions of the market

• Mak­ing new highs after cre­at­ing D1 demand D1-C‑D 1763.881 NEW with bull engulf and long buy­ing wick
• H4-C‑D 1772.997 NEW cre­at­ed with mas­sive bull engulf after extend­ed consolidation
• New H4 con­sol­i­da­tion formed after the push away with H4-C‑S 1782.418 NEW and H4-C‑D 1781.338 NEW, con­sol­i­da­tion slight­ly push­ing higher
• Mar­ket Profile
  • Val­ue rejec­tion after 2 days bracketing

Com­pared against Week­ly Trad­ing Plan

• Price still trad­ing with­in Week­ly sup­ply and last week closed well within
• Cur­rent week trad­ing above last week’s body

Sen­ti­ment — Bullish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1781.338 NEW
• MN1-C‑S 1623.239
• W1-C‑S 1754.243

ZOIs for Pos­si­ble Long

• H4-C‑D 1781.338 NEW
• H4-C‑D 1751.489
• W1-C‑D 1728.472 NEW

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