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20211108 Premarket Prep Gold - Bear Market Trader
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20211108 Premarket Prep Gold

20211108 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 with­in last week’s body and range with­in W1 Supply
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Prev. Day Exceed­ed ADR 1.76xADR but closed on its high
    • H4 slow down with­in H4/D1 QHi
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Strong Uptrend 3/3
  • Mar­ket Profile
    • Val­ue in UT with price extend­ed above
  • Dai­ly Range
    • ADR: 22463
    • ASR: 14155
      • 354
    • ASR Short: 6787 
      • 170
    • Day
      • Yes­ter­day’s High 1818.160
      • Yes­ter­day’s Low 1784.980

Sen­ti­ment

  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.32xASR
  • Nar­ra­tive
    • Large Imbal­ance. Prev. Day Exceed­ed ADR by 1.51xADR. Price trad­ing with­in W1 Sup­ply. Pos­si­ble Mean Rever­sion. Strong uptrend 3/3.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Down
  • Hypo 2
    • Auc­tion Fade Long, vari­a­tion to Hypo 1
  • Hypo 3
    • Strength From With­in IBR, vari­a­tion to Hypo 1 if there is no mean reversion
  • Hypo 4
    • Sus­tained Auc­tion Up (not like­ly at all)

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1826.648
  • MN-C‑S 1813.621
  • W1-C‑S 1807.771

ZOIs for Pos­si­ble Long

  • H4-C‑D 1796.609
  • W1-C‑D 1794.045 BASE
  • D1-C‑D 1786.045

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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