20210707 Premarket Prep Gold - Bear Market Trader
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20210707 Premarket Prep Gold

20210707 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 Invert­ed Ham­mer react­ing off D1 VWAP in DT
    • H4 Bear Engulf giv­ing H4-C‑S 1804.707 (at LN VAL) fol­lowed by no con­tin­u­a­tion instead a H4 Bull Engulf at pre­vi­ous demand H4-C‑D 1793
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed Trend
  • Mar­ket Profile
    • Val­ues in UT although yes­ter­day more extend­ed 1xASR from the previous
  • Dai­ly Range
    • ADR: 20916
    • ASR: 12611
      • 315
    • Day
      • Yes­ter­day’s High 1814.890
      • Yes­ter­day’s Low 1790.010


  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.17xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. D1 closed high­er with an Invert­ed Ham­mer trad­ing above last week’s body and range. W1 QHi was reject­ed and no arrival at QLo (yet). Price cur­rent­ly trad­ing in the mid­dle of W1/D1/H4 Swing. H4 sup­ply at VAL. FF trad­ed slight­ly higher. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Rever­sal at VAL, pos­si­ble probe of value
  • Hypo 2
    •  Val­ue Accep­tance, val­ue not wide plus sup­ply mak­ing for sub­par TP
  • Hypo 3
    • Failed Auc­tion short 
  • Hypo 4
    • Auc­tion Fade Short, vari­ant to Hypo 2

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.863
  • H4-C‑S 1804.707

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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