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20211021 Premarket Prep Gold - Bear Market Trader
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20211021 Premarket Prep Gold

20211021 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 still with­in range
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Fol­low-through on D1 Bull Engulf with long sell­ing wick mak­ing a HH tra­vers­ing 1xADR
    • H4 Phase 2 arriv­ing at H4 QHi (longs might prove risky)
  • Trend: H4 Up, D1 Down, W1 Up
    • Pre­vail­ing trend: MIXED Trend
  • Mar­ket Profile
    • 3‑day brack­et
  • Dai­ly Range
    • ADR: 21334
    • ASR: 14996
      • 375
    • ASR Short: 7700
      • 193
    • Day
      • Yes­ter­day’s High 1788.340 
      • Yes­ter­day’s Low 1766.760

Sen­ti­ment

  • LN open
    • Above Val­ue, With­in Range
  • Open dis­tance to value
    • 0.12xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. Close prox­im­i­ty to VAH. IBR quite tight at 0.2xASR. Price trad­ing at H4 QHi. 
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1
    • Val­ue Edge Reversal
  • Hypo 2
    • Val­ue Acceptance
  • Hypo 3
    • Sus­tained Auc­tion Up 
  • Hypo 4
    • Auc­tion Fade Short

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1794.175

ZOIs for Pos­si­ble Long

  • D1-C‑D 1768.535
  • D1-C‑D 1762.340

Mind­ful Trad­ing (lack of sleep?)

  • Deal­ing with per­son­al stuff. Might be distracted.

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) 
    • No ear­ly exits, either hit SL or 2R target
    • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
  • Process
    • Keep trade review com­ments short
  • 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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