Premarket Prep Gold XAUUSD 07072020

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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 28 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

• D1-C‑D 1775.661 RBR formed how­ev­er still trad­ing with­in Demand
• Trad­ed above H4-C‑S 1782.723 but then formed a H4 Bear Engulf (out­side RTH with H4-C‑S 1785.326) test­ing the con­ter­mi­nous. How­ev­er no rejec­tion (yet) and might be consolidating
• Mar­ket Profile
  • Mar­ket has been bal­anc­ing for a lit­tle while now
  • Would have to reassess at open if the mar­ket opened far enough away from pre­vi­ous val­ue. For now, we are extend­ed away how­ev­er still with­in over­all brack­et­ing range. 
  • Price cur­rent­ly above val­ue + pre­vi­ous day range

Com­pared against Week­ly Trad­ing Plan

• D1 still above UKC and VWAP
• With­in last week’s range

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 1785.326
• H4-C‑S 1782.723

ZOIs for Pos­si­ble Long

• H4-C‑D 1776.521 RBR
• D1-C‑D 1775.661 RBR
• H4-C‑D 1772.157

Focus Points for trad­ing development

• Week­ly Goal
  • Cor­rect posi­tion sizing
  • Trades pri­or­i­ty: 1) let mar­ket pro­file guide 2) M30 con­fir­ma­tion (watch out for ‘Bil­ly No Mates’)
• Risk Man­age­ment
  • Only take 2 trades a day but only have 1 active trade on between the assets
  • Only trade off M30 candles
  • 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