Premarket Prep Gold XAUUSD 07022020

#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:

GOLD (XAUUSD) – Week 27 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

• NFP report release today
• D1-C‑S 1773.280 NEW BEAR ENGULF but price still above D1-C‑D 1763.881 and above UKC VWAP
• H4 Big move cross­ing down VWAP with con­se­quent inside bar (form­ing H4-C‑D 1770.548 NEW)  con­tin­ued con­sol­i­da­tion with­in this range. 
• Mar­ket Profile
  • Below val­ue 0.5x ADR but still with­in over­all range

Com­pared against Week­ly Trad­ing Plan

• Price still trad­ing with­in Week­ly sup­ply and last week closed well within
• MOved into pre­vi­ous week’s body

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1782.690 NEW
• D1-C‑S 1773.280 NEW BEAR ENGULF
• W1-C‑S 1754.243

ZOIs for Pos­si­ble Long

• H4-C‑D 1770.548 NEW
• D1-C‑D 1763.881
• 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