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20210708 Premarket Prep Gold - Bear Market Trader
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20210708 Premarket Prep Gold

20210708 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 hav­ing made a HH
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed high­er clos­ing at D1 VWAP in DT with­in the pre­vi­ous hammer’s range with no HH
    • Pos­si­ble H4 Phase 3, con­sol­i­da­tion at H4-C‑S 1804.707 with break down clos­ing below H4 VWAP in UT, no arrival at old H4-C‑D 1793 (yet)
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Mixed trend
  • Mar­ket Profile
    • 2‑day over­lap­ping val­ues after an UT
  • Dai­ly Range
    • ADR: 20455
    • ASR: 12716
      • 318
    • Day
      • Yes­ter­day’s High 1809.630
      • Yes­ter­day’s Low 1793.780

Sen­ti­ment

  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.54xASR
  • Nar­ra­tive
    • Large Imbal­ance. H4 break down pos­si­ble tran­si­tion to Phase 4. Pre­mar­ket closed as a slight con­tin­u­a­tion to the break down. Price trad­ing at D1 VWAP in DT. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Sus­tained Auc­tion Down
  • Hypo 2
    •  Return to Val­ue, Auc­tion Fade Short
  • Hypo 3
    •  Failed Auc­tion Short

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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