Premarket Prep Gold XAUUSD 07162020

#pre­mar­ket­prep #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 29 Trad­ing Plan

See more

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

Non-con­jec­ture obser­va­tions of the market

• Test­ing and trad­ing with­in sup­ply and phase 1/3 still going on
• H4 evening star with­in sup­ply H4-C‑S 1811.308
• New­ly formed demand at H4-C‑D 1807.694
• Mar­ket Profile
  • Over­all brack­et­ing range still intact
  • Cur­rent­ly price is trad­ing with­in value

Com­pared against Week­ly Trad­ing Plan

• D1 Con­sol­i­da­tion in progress
• Trad­ing above last week’s candle’s body

Sen­ti­ment — Neutral

ZOIs for Pos­si­ble Shorts

• W1-C‑S 1855.184
• H4-C‑S 1811.308
• H4-C‑S 1808.468
• D1-C‑S 1803.298

ZOIs for Pos­si­ble Long

• H4-C‑D 1807.694
• H4-C‑D 1801.095
• H4-C‑D 1794.574
• D1-C‑D 1764.081
• W1-C‑D 1729.488
• D1-C‑D 1727.231

Mind­ful Trading

• Sleep got inter­rupt­ed. Took a nap midday.

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