20210701 Premarket Prep Gold - Bear Market Trader
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20210701 Premarket Prep Gold

20210701 Premarket Prep Gold

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

This is my pre­mar­ket prep for today’s Euro­pean 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

Com­pared against Week­ly Trad­ing Plan

  • MN closed as a con­sol­i­da­tion retrac­ing all of May
  • W1 Demand tak­en out, no arrival at W1 QLo although ‘near’
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Three Out­side Down tak­ing out D1/W1 demand fol­lowed by a D1 Bull­ish Inside Bar (not quite 50%) although could be an ini­tial reac­tion after pop­ping W1 demand
    • H4 Bull Engulf at H4-C‑D 1763.785 with a move high­er to D1-C‑S 1779.092
  • Trend: H4 Down, D1 Down, W1 Up
    • Pre­vail­ing trend: Trend is DOWN ⅔, changed to MIXED TREND with H4 being up
  • Mar­ket Profile
    • Val­ues in DT
  • Dai­ly Range
    • ADR: 23536
    • ASR: 16679
      • 417
    • Day
      • Yes­ter­day’s High 1774.280
      • Yes­ter­day’s Low 1753.290


  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.07xASR
  • Nar­ra­tive
    • Large Imbal­ance. Pos­si­ble mean rever­sion. Open sen­ti­ment near D1-C‑S 1779.092. Trend changed from Down 2/3 to Mixed Trend. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, sus­tained auc­tion down,
  • Hypo 2
    •  Return to Val­ue, vari­ant to Hypo 1, H4 demand above VAH, Auc­tion Fade Long
  • Hypo 3
    • Auc­tion Fade Short

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect
  • Non-Farm tomor­row

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1779.092

ZOIs for Pos­si­ble Long

  • H4-C‑D 1763.785

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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