20211028 Premarket Prep Gold - Bear Market Trader
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20211028 Premarket Prep Gold

20211028 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 Bear Engulf with longer buy­ing wick at W1 Sup­ply with no con­tin­u­a­tion. Instead an Inside bar with longer buy­ing wick was formed.
    • Messy H4 RBR with H4-C‑D 1791.041 at VAH
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend turned to Up 2/3 instead of strong uptrend 3/3
  • Mar­ket Profile
    • Val­ue was cre­at­ed below the pre­vi­ous in an UT
  • Dai­ly Range
    • ADR: 20907
    • ASR: 13003
      • 325
    • ASR Short: 7090
      • 177
    • Day
      • Yes­ter­day’s High 1798.980
      • Yes­ter­day’s Low 1783.420


  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.92xASR
  • Nar­ra­tive
    • Large Imbal­ance. Price trad­ing with­in D1 sup­ply near D1 QHi (test­ed before). Price trad­ing at H4 QHi. Near­by round num­ber. Trend changed to 2/3 uptrend. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Down
  • Hypo 2
    • Auc­tion Fade Long, vari­a­tion to Hypo 1
  • Hypo 3
    • If no mean rever­sion in the first 2 hours per­haps a sus­tained auc­tion up
  • Hypo 4
    • Auc­tion Fade Short, vari­a­tion to Hypo 3

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • MN-C‑S 1813.621
  • W1-C‑S 1807.771

ZOIs for Pos­si­ble Long

  • H4-C‑D 1791.041
  • 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


Day trader. Tech geek. Sim Racing Enthusiast.

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