20220520 Premarket Prep Gold

20 May 20220520 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
  • MN Bear Engulf reject­ing MN QHi
  • Price trad­ing below body and range
  • Price react­ing off MN demand
• W1
  • Price closed with­in W1 QLo but failed to close with­in W1 demand
  • Price react­ing off demand and is cur­rent­ly trad­ing above QLo

Nar­ra­tive

• D1
  • D1 Three Out­side Up reject­ing D1 QLo
  • Price closed with­in D1 Sup­ply which is low in dis­tr. Curve
  • D1 Price closed above W1 QLo
  • Prev. Day Exceed­ed ADR by 1.26
• H4
  • Big push high­er clos­ing with­in H4 QHi, fol­lowed by a lit­tle sell of through DBD at H4 UKC in DT
  • Price closed below H4 QHi but then closed with­in as a Marubozu can­dle giv­ing H4 demand High in Dist. Curve
• Trend
  • Mixed Trend
• Mar­ket Profile
  • An even wider val­ue cre­at­ed slight­ly over­lap­ping the pre­vi­ous, price trad­ing above value
• LN Open
  • 0.88xASR Above Val­ue, Out­side Range
  • Large imbal­ance
  • Open at yesterday’s high
  • 0.41xASR IBR

Addi­tion­al Notes

• NY range about the same as LN
• Pos­si­ble Fri­day Profit-taking

Hypos

• Hypo 1
  • Short
  • Sus­tained Auc­tion, some con­ges­tion in the way (H4 demand High in Dist. Curve)
• Hypo 2
  • Long
  • Return to Val­ue, Rever­sal, Auc­tion Fade
• Hypo 3
  • Long
  • Failed Auc­tion
• Hypo 4
  • Long
  • Late-Sus­tained Auction

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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