20211014 Premarket Prep Gold - Bear Market Trader
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20211014 Premarket Prep Gold

20211014 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 is trad­ing above last week’s body and range mak­ing a HH
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf with con­tin­u­a­tion tra­vers­ing higher 
    • H4 Phase 2 clos­ing with­in H4 QHi and formed a Three Inside Down (not clos­ing below H4 QHi)
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: Trend changed to MIXED
  • Mar­ket Profile
    • Val­ue cre­at­ed above the range
  • Dai­ly Range
    • ADR: 23262
    • ASR: 14551
      • 364
    • ASR Short: 7790
      • 195 (25 min)
    • Day
      • Yes­ter­day’s High 1796.070
      • Yes­ter­day’s Low 1757.870


  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.33xASR
  • Nar­ra­tive
    • Huge Imbal­ance. Pos­si­ble strength behind the move although with open­ing at D1 sup­ply as well as D1 200MA and the round num­ber of 1800 above best to be cau­tious. H4 con­sol­i­da­tion with Bull Engulf. IBR formed a Bull Engulf and C extend­ed and closed above IB. Trend changed to mixed after being down.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Failed Auc­tion Short (IBR too tight), Rever­sal might war­rant a fur­ther move down. 
  • Hypo 2
    • Sus­tained Auc­tion Up (risky)
  • Hypo 3
    • Auc­tion Fade Short, vari­a­tion to Hypo 2

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1768.539
  • D1-C‑S 1794.250

ZOIs for Pos­si­ble Long

  • W1-C‑D 1753.926
  • 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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