20211020 Premarket Prep Gold - Bear Market Trader
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20211020 Premarket Prep Gold

20211020 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 long sell­ing wick’s range
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Weak D1 Bull Engulf with long sell­ing wick giv­ing D1-C‑D 1768.495
    • H4 Bull Engulf above pre­vi­ous demand com­ing from H4 QLo rejection 
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: MIXED Trend
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous with price cur­renl­ty trad­ing below
  • Dai­ly Range
    • ADR: 22379
    • ASR: 15140
      • 379
    • ASR Short: 7825 (too tight)
      • 196
    • Day
      • Yes­ter­day’s High 1785.030
      • Yes­ter­day’s Low 1762.750


  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.07xASR
  • Nar­ra­tive
    • Mod­er­ate bal­ance. IBR very tight at 0.16xASR. Prox­im­i­ty to val­ue edge could see an accep­tance of val­ue although not a great oppor­tu­ni­ty due to larg­er time­frame sen­ti­ment as well as H4 sup­ply with­in a some­what tight val­ue. In pre­mar­ket price has trad­ed and closed high­er. Price is trad­ing mid H4 swing in a mixed trend mar­ket. Will need to rely on price action and pro­file for opps. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Return to Val­ue, Failed Auc­tion Short (IBR too tight), Val­ue Edge Reversal
  • Hypo 2
    •  Val­ue Acceptance
  • Hypo 3
    • Sus­tained Auc­tion Up, vari­a­tion to Hypo 2 
  • Hypo 4
    • Auc­tion Fade Short, Vari­a­tion to Hypo 3

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1778.315

ZOIs for Pos­si­ble Long

  • H4-C‑D 1770.599
  • D1-C‑D 1762.340

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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