20220519 Premarket Prep Gold

19 May 20220519 Premarket Prep Gold

#fin­twit #XAUUSD #GOLD

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for GOLD. This prep builds off of my week­ly trade plan I made here:

Gold 2022 Week 20 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • Price made a LL and seen some reac­tion off MN demand although still trad­ing lower
• W1
  • W1 Phase 4 clos­ing with­in Wide W1 QLo but failed to close with­in W1 demand
  • Price test­ed W1 QLo from with­in and made a LL

Nar­ra­tive

• D1
  • D1 Bull Engulf with no follow-through
  • Instead a Bear­ish Inside Bar fol­lowed by a pos­si­ble base
  • Price has not closed above QLo (yet)
• H4
  • Pos­si­ble H4 Phase 1 / 3 tak­ing out new­ly formed demand
  • H4 QLo reject­ed and price trad­ing mid swing
• Trend
  • Trend Change: Mixed Trend, Up, Down, Up
• Mar­ket Profile
  • Wide Val­ue cre­at­ed below the pre­vi­ous pos­si­bly start­ing an over­all range
• LN Open
  • Open With­in Value
  • Asia formed a Neu­tral Day but most­ly trad­ed lower
  • 0.28xASR Tight IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion
• Hypo 2
  • Long
  • Strength From With­in IBR
• Hypo 3
  • Short
  • Late-Sus­tained Auction
• Hypo 4
  • Long
  • Auc­tion Fade

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

Focus Points for trad­ing development

• Month­ly Goals
  • Either hit SL or tar­get, reassess after Trad­ing Win­dow Close
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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