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20211025 Premarket Prep Gold - Bear Market Trader
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20211025 Premarket Prep Gold

20211025 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
  • Price trad­ing mid W1 swing below MN/W1 Supply

Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Sup­ply got tak­en out and price reached MN C‑sup and start­ed react­ing leav­ing a long sell­ing wick. Price is cur­rent­ly trad­ing with­in the range.
    • Big H4 Bear­ish Inside Bar with no con­tin­u­a­tion. Instead a mean­der higher. 
  • Trend: H4 UP, D1 UP, W1 UP
    • Pre­vail­ing trend: Trend is UP 3/3
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous 4‑day brack­et­ing range
  • Dai­ly Range
    • ADR: 21057
    • ASR: 13672
      • 342
    • ASR Short: 7326
      • 183
    • Day
      • Yes­ter­day’s High 1813.750
      • Yes­ter­day’s Low 1782.880

Sen­ti­ment

  • LN open
    • Above Val­ue, With­in Range
  • Open dis­tance to value
    • 0.18xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. Trend turned to up 3 out of 3. Open at round num­ber but strong uptrend although trad­ing into D1 Sell­ing Wick. IBR only 0.29xASR.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Sus­tained Auc­tion Up
  • Hypo 2
    •  Val­ue Acceptance
  • Hypo 3
    •  Auc­tion Fade Short, vari­a­tion to Hypo 1

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1813.621

ZOIs for Pos­si­ble Long

  • D1-C‑D 1768.535

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) 
    • 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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