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20211005 Premarket Prep Gold - Bear Market Trader
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20211005 Premarket Prep Gold

20211005 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 made a HH and is cur­rent­ly trad­ing with­in last week’s body
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed high­er form­ing a Hammer
    • Price formed a big H4 Bull Engulf giv­ing H4-C‑D 1757.706 with­out fol­low-through. Instead a H4 Bear Engulf clos­ing below H4 QHi.
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: MIXED Trend
  • Mar­ket Profile
    • 2‑day over­lap­ping values
  • Dai­ly Range
    • ADR: 25054
    • ASR: 14688
      • 366
      • 249
    • Day
      • Yes­ter­day’s High 1770.490
      • Yes­ter­day’s Low 1747.620

Sen­ti­ment

  • LN open
    • Above Val­ue, With­in Range
  • Open dis­tance to value
    • 0.25xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. Mixed trend. Price opened at new­ly formed H4 demand but right below H4 QHi that got reject­ed in a larg­er time­frame bear­ish sentiment. 
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1
    • Failed Auc­tion Short
  • Hypo 2
    • Return to Val­ue, pos­si­ble Failed Auc­tion long,
  • Hypo 3
    •  Sus­tained Auc­tion Up
  • Hypo 4
    • Val­ue Acceptance

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1768.539

ZOIs for Pos­si­ble Long

  • H4-C‑D 1755.590
  • 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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