Premarket Prep Gold XAUUSD 07032020

#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

• Inde­pen­dence day holiday
• No break down after D1 Bear Engulf. Instead an inside bar with longer buy­ing wick. Price still trad­ing above UKC
• Long buy­ing wick and demand (H4-C‑D 1772.022 NEW) cre­at­ed thanks to NFP. Con­se­quent­ly no push fur­ther and just start­ed con­sol­i­dat­ing cre­at­ing some sup­ply H4-C‑S 1775.777
• Mar­ket Profile
  • Over­all mar­ket still balancing
  • Cur­rent­ly price above value

Com­pared against Week­ly Trad­ing Plan

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

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1782.690 NEW
• D1-C‑S 1773.280 NEW BEAR ENGULF
• H4-C‑S 1775.777
• W1-C‑S 1754.243

ZOIs for Pos­si­ble Long

• H4-C‑D 1772.022 NEW
• 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