20210923 Premarket Prep Gold - Bear Market Trader
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20210923 Premarket Prep Gold

20210923 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 above W1 QLo
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear­ish Inside Bar at MN-C‑S 1768.539
    • H4 DBD giv­ing H4-C‑S 1774.571 arriv­ing at H4-C‑D 1762.664 above H4 QLo
  • Trend: H4 Down, D1 Down, W1 Up
    • Pre­vail­ing trend: Trend is DOWN 2/3
  • Mar­ket Profile
    • Val­ues in UT with price cur­rent­ly trad­ing below value
  • Dai­ly Range
    • ADR: 24389
    • ASR: 14646
      • 366
    • Day
      • Yes­ter­day’s High 1787.070
      • Yes­ter­day’s Low 1764.580


  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.56xASR
  • Nar­ra­tive
    • Mod­er­ate to Large Imbal­ance. Trend is Down 2/3. H4 DBD, D1 Bear­ish Inside Bar after a Morn­ing Star rejec­tion of W1 QLo with no fol­low-through. D1 QHi reject­ed and price is trad­ing mid swing. H4-C‑S 1774.571 with­in val­ue. Price retraced to a H4 base sup­ply lev­el com­ing from H4 demand near H4 QLo there might be some reac­tion first. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Return to Val­ue, Rever­sal short (could be off LTF Sup­ply), pos­si­ble failed auc­tion short
  • Hypo 2
    • Auc­tion Fade Short
  • Hypo 3
    • Sus­tained Auc­tion Up, (very risky) late-sus­tained auc­tion entry preferred

Addi­tion­al notes

  • Fed rate decision

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1794.187
  • H4-C‑S 1774.571

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


Day trader. Tech geek. Sim Racing Enthusiast.

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