20211019 Premarket Prep Gold - Bear Market Trader
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20211019 Premarket Prep Gold

20211019 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 above last week’s body but with­in range (long sell­ing wick)
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price is react­ing off D1-C‑D 1762.340 above D1 QLo
    • H4 con­sol­i­da­tion and break high­er at D1 demand with con­tin­u­a­tion in premarket
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: MIXED Trend
  • Mar­ket Profile
    • Val­ued are in DT but price is trad­ing above yesterday’s value
  • Dai­ly Range
    • ADR: 22102
    • ASR: 15211
      • 380
    • ASR Short:7932
      • 198
    • Day
      • Yes­ter­day’s High 1771.980
      • Yes­ter­day’s Low 1760.220


  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.92xASR
  • Nar­ra­tive
    • Large Imbal­ance at the open. IBR tra­versed high­er 0.36xASR near­ing ADR exhaus­tion. Price react­ed off D1 demand and kep trad­ing high­er. The large imbal­ance at the open sug­gests a poten­tial mean rever­sion. If there is an exten­sion to the upside there could be a uni­di­rec­tion­al day fol­low­ing Asia trad­ing high­er (com­ing off H4 QLo rejec­tion although risky as H4 QHi is right above) more con­firmed if ADR gets exhaust­ed dur­ing LN. Although there is a mixed trend so not entire­ly favor­ing a sus­tained auction. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Mean Rever­sion, Sus­tained auc­tion Down
  • Hypo 2
    • Failed Auc­tion Short, IBR tight
  • Hypo 3
    • Sus­tained Auc­tion Up, late sus­tained auc­tion entry pre­ferred per­haps coin­cid­ing with exhaus­tion of ADR. 
  • Hypo 4
    • Auc­tion Fade Long, vari­a­tion to Hypo 1

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1794.175

ZOIs for Pos­si­ble Long

  • D1-C‑D 1762.340

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay, might get dis­tract­ed with per­son­al life.

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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