05 Sep 20220905 Premarket Prep Gold

#Fin­twit #XAUUSD #GOLD #Mar­ket­Pro­file #Order­flow

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 36 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • MN closed with­in Demand (already test­ed mul­ti­ple times) although failed to close below pre­vi­ous range low
  • MN QHi reject­ed, price trad­ing mid swing
• W1
  • Price closed low­er with­in W1 demand although failed to close below pre­vi­ous range low
  • Price closed deep with­in Wide W1 QLo

Nar­ra­tive

• D1
  • D1 Bull Engulf fail­ing to close above D1 QLo giv­ing D1-C‑D 1711.222
• H4
  • Price start­ed fal­ter­ing with­in OLD H4 sup­ply coin­cid­ing with H4 LKC in DT although failed to close below H4 VWAP in DT
  • Weak H4 Three Out­side Down giv­ing H4-C‑S 1713.444
  • H4 QLo reject­ed, price trad­ing mid swing
• Trend
  • Strong DT 3/3
• Mar­ket Profile
  • 2 over­lap­ping values
• LN Open
  • LN wider than NY
  • Prev. Day Exceed­ed ADR by 1.10
  • 0.39xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia formed a Neu­tral Day but most­ly trad­ed higher
  • 0.27xASR Tight IBR

Addi­tion­al Notes

• Labour Day 

Hypos

• Hypo 1
  • Short
  • Failed Auc­tion
• Hypo 2
  • Long
  • Return to Val­ue, pos­si­ble Rever­sal, pos­si­ble Failed Auction
• Hypo 3
  • Long
  • Late-Sus­tained Auction
• Hypo 4
  • Short
  • Auc­tion Fade

Clar­i­ty / Con­fi­dence (1 — 5, low to high)

• 2

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay
• Just had along break so will take it easy

Focus Points for trad­ing development

• Month­ly Goals
  • Use SL scaling

• Twit­ter
• Insta­gram