20210706 Premarket Prep Gold - Bear Market Trader
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20210706 Premarket Prep Gold

20210706 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

  • Price trad­ing above last week’s body and range
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed high­er after tak­ing out D1 sup­ply arriv­ing at D1 VWAP in DT
    • H4 con­sol­i­da­tion and break high­er giv­ing H4-C‑D 1793 at VAH
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed Trend
  • Mar­ket Profile
    • Val­ues in UT
  • Dai­ly Range
    • ADR: 20806
    • ASR: 12856
      • 321
    • Day
      • Yes­ter­day’s High 1794.080
      • Yes­ter­day’s Low 1784.400


  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.94xASR
  • Nar­ra­tive
    • Large Imbal­ance at the open. FF trad­ed high­er. H4 closed near its high after Asia took out some old supplies. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, sus­tained auc­tion down
  • Hypo 2
    • Return to Val­ue, H4 demand at VAH (LTF demand above it at M30 VWAP in UT could pro­vide a pos­si­ble bounce), auc­tion fade
  • Hypo 3 (less likely)
    •  Failed Auc­tion Short
  • Hypo 4 (even less likely)
    • Sus­tained Auc­tion Long. Pos­si­ble strength behind the move mak­ing for a uni­di­rec­tion­al day (2 out of 3 ses­sions), late-sus­tained auc­tion preferred

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.863

ZOIs for Pos­si­ble Long

  • H4-C‑D 1793

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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