20210617 Premarket Prep Gold NY - Bear Market Trader
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20210617 Premarket Prep Gold NY

20210617 Premarket Prep Gold NY

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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

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

Click to Enlarge

Com­pared against Week­ly Trad­ing Plan

  • Huge move down fol­low­ing the W1 Three Out­side Down

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 4 tak­ing out demands
    • H4 Phase 4 form­ing a base giv­ing H4-C‑S 1818.254 BASE
  • Trend: H4 Down, D1 Down, W1 Up
    • Pre­vail­ing trend: Trend is DOWN 2/3
  • Mar­ket Profile
    • 3‑day brack­et with yes­ter­day hav­ing formed a wide VA
  • Dai­ly Range
    • ADR: 29161
    • ASR: 15947
      • 399
    • Day
      • Yes­ter­day’s High 1862.850
      • Yes­ter­day’s Low 1803.890


  • NY open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 3.84xASR
  • Nar­ra­tive
    • Huge Imbal­ance at the open. ADR got exhaust­ed dur­ing Lon­don (169%). Near­by D1/W1 demand
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Up (momen­tum, pos­si­ble dur­ing C), due to huge imbal­ance and H4 Sup­ply Base taper prof­it target
  • Hypo 2
    • Auc­tion Fade Short, Hypo 1 plays out reach­ing near H4 Sup­ply Base with­out hit­ting it, tar­get IB high
  • Hypo 3
    • Trend Con­tin­u­a­tion, sus­tained auc­tion down, pos­si­ble late-sus­tained auc­tion entry
  • Hypo 4
    • Failed Auc­tion Long, probe below IB to close with­in IB
  • Hypo 5
    • Auc­tion Fade Long, price con­tin­ues low­er, PA rever­sal, tar­get IB low

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1818.254 BASE

ZOIs for Pos­si­ble Long

  • D1-C‑D 1785.960
  • W1-C‑D 1774.420

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 13 trades by the end of the month
  • Week­ly Goal
    • Min. 3 times work­ing out at home + manda­to­ry cardio
  • Risk Man­age­ment
    • With­out forc­ing a trade: aim to take 1 trade a day, if pos­si­ble 2. 
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


Day trader. Tech geek. Sim Racing Enthusiast.

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