20210908 Premarket Prep Gold - Bear Market Trader
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20210908 Premarket Prep Gold

20210908 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 below last month’s Drag­on­Fly Doji’s body
  • Price trad­ing below last week’s body and range
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Three Inside Down exceed­ed ADR by quite a bit pos­si­bil­i­ty for some retracement
    • H4 Phase 4 arriv­ing at H4 QLo after QHi rejec­tion and hormed a H4 Bull ENgulf in pre­mar­ket giv­ing H4-C‑D 1796.502
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3
  • Mar­ket Profile
    • Price returned to pre­vi­ous brack­et­ing range and made a wider val­ue with price cur­rent­ly trad­ing below over­all range
  • Dai­ly Range
    • ADR: 19001
    • ASR: 10739
      • 2685
    • Day
      • Yes­ter­day’s High 1827.140
      • Yes­ter­day’s Low 1792.340


  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.20xASR
  • Nar­ra­tive
    • Large Imbal­ance. Price formed a H4 Bull Engulf in pre­mar­ket at H4 QLo. Prev. Day exceed­ed ADR by quite a bit form­ing a Three Inside Down of which the nature would be to force a con­tin­u­a­tion per­haps around W1 Sup­ply at VAL.  This move down took out D1 Demand. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Up
  • Hypo 2
    • Auc­tion Fade Short, Return to Val­ue, vari­a­tion to Hypo 1 
  • Hypo 3
    • Sus­tained Auc­tion Short, late-sus­tained auc­tion entry pre­ferred (risky due to open sentiment)
  • Hypo 4 
    • Auc­tion Fade Long, vari­a­tion to Hypo 3

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1826.118

ZOIs for Pos­si­ble Long

  • H4-C‑D 1796.502
  • D1-C‑D 1781.384

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 20 trades by the end of the month, prefer­ably 2 a day (not in the same prod­uct at the same time) 
  • Week­ly Goal
    • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
    • No ear­ly exits, either hit SL or 2R tar­get, lat­est cut-off 1:30 Lon­don time
  • Risk Man­age­ment
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


Day trader. Tech geek. Sim Racing Enthusiast.

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