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20210922 Premarket Prep Gold - Bear Market Trader
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20210922 Premarket Prep Gold

20210922 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 with­in last week’s body after hav­ing made a LL below its range bounc­ing off W1 QLo
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Morn­ing Star and con­tin­u­a­tion higher
    • H4 Slow­down at H4 50MA in DT trad­ing mid swing after H4 QLo rejection
  • Trend: H4 , D1 Down, W1 Up
    • Pre­vail­ing trend: Trend is Down 2/3
  • Mar­ket Profile
    • Wide Val­ue was cre­at­ed above the previous
  • Dai­ly Range
    • ADR: 23833
    • ASR: 14563
      • 364
    • Day
      • Yes­ter­day’s High 1781.630
      • Yes­ter­day’s Low 1757.870

Sen­ti­ment

  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0..58xASR
  • Nar­ra­tive
    • Mod­er­ate to Large Imbal­ance. Trend is down 2/3. Pre­mar­ket trad­ed slight­ly high­er but failed to take out sup­ply. IB trad­ed down 0.22. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Down, 
  • Hypo 2
    • Return to Val­ue, VAH rever­sal long, 
  • Hypo 3
    •  Auc­tion Fade Long, vari­a­tion to hypo 1 (very risky if val­ue gets accepted)

Addi­tion­al notes

  • Fed rate deci­sion tomorrow

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1794.187

ZOIs for Pos­si­ble Long

  • MN-C‑D 1739.674

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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