16 May 20230516 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 2023 Week 20 Trad­ing Plan

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

Larg­er Timeframe

MN price trading:

Above Body — With­in Range — MN Invert­ed Ham­mer clos­ing above pre­vi­ous range high

W1 price trading:

Below Body — With­in Range — W1 Spin­ning Top with long sell­ing wick

Nar­ra­tive

• D1
  • D1 QHi reject­ed, price trad­ing mid swing
  • Price trad­ing above D1-C‑D 2004.826 coin­cid­ing with D1 50MA in UT
• H4
  • H4 con­sol­i­da­tion and break down giv­ing H4-C‑S 2015.877 (with­in val­ue at PPOC) clos­ing with­in wide H4 QLo above H4 200MA in UT
• Trend
  • Trend is UP 2/3
• Mar­ket Profile 
  • Val­ue cre­at­ed above the previous
• LN Open
• 0.40 x ASR- Below Val­ue — Out­side Range

• Mod­er­ate to Large Imbalance
• Asia trad­ed higher
• Frank­furt trad­ed lower
• 0.26xASR Tight IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Rever­sal — Pos­si­ble Failed Auc­tion — mon­i­tor for continuation
• Hypo 2
  • Long
  • Late-Sus­tained Auc­tion — risky — mon­i­tor for VAA
• Hypo 3
  • Long
  • Failed Auc­tion
• Hypo 4
  • Long
  • Auc­tion Fade

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

• 1

Mind­ful Trad­ing (1–5 Bad to Good)

• 3

Focus Points for trad­ing development

• Month­ly Goals 
  • Use SL scaling

• Twit­ter
• Insta­gram