20211116 Premarket Prep Gold - Bear Market Trader
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20211116 Premarket Prep Gold

20211116 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 and with­in W1 QHi and has made a slight HH

Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Ham­mer with no fol­low-through. Instead a Neu­tral Bear Engulf. Pos­si­ble slow down in price. 
    • Pos­si­ble H4 Phase 1 / 3 trad­ing with­in D1/W1 QHi, price is con­sol­i­dat­ing above H4 VWAP in UT
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 3/3
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous but pos­si­bly estab­lish­ing an over­all range
  • Dai­ly Range
    • ADR: 23211
    • ASR: 16149
      • 404
    • ASR Short: 7340
      • 184
    • Day
      • Yes­ter­day’s High 1870.260
      • Yes­ter­day’s Low 1856.260


  • LN open
    • Open With­in Value
  • Open dis­tance to value
    • N.A.
  • Nar­ra­tive
    • Bal­anc­ing Mar­ket. Pos­si­ble H4 Phase 1 / 3. No clear rejec­tion of D1/W1 QHi (yet). Price took out H4 sup­ply but cre­at­ed a new one. Some demand cre­at­ed giv­ing H4-C‑D 1862.019. IBR tra­versed 0.65xASR (dou­ble-wham­my of pos­si­ble respon­sive activity).
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Failed Auc­tion Long
  • Hypo 2
    • Strength From With­in IBR, price would need to clear Asia high and close above, prefer­ably take out sup­ply as well
  • Hypo 3
    • Failed Auc­tion Short
  • Hypo 4
    • Sus­tained Auc­tion long

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.859
  • H4-C‑S 1864.422

ZOIs for Pos­si­ble Long

  • H4-C‑D 1862.019
  • H4-C‑D 1856.280 OLD

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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