Categories
20211117 Premarket Prep Gold - Bear Market Trader
day trade, day trading, forex, FX, trade plan, trading plan, XAU USD, XAUUSD, GOLD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,
8044
post-template-default,single,single-post,postid-8044,single-format-standard,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky,wpb-js-composer js-comp-ver-4.12,vc_responsive
 

20211117 Premarket Prep Gold

20211117 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 after mak­ing a HH price is trad­ing below W1 QHi

Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Neu­tral Bear Engulf with fol­low-through leav­ing a longer sell­ing wick and clos­ing on its low and below D1/W1 QHi
    • H4 Bear Engulf with fol­low-through clos­ing with­in H4-C‑D 1856.414. Fol­lowed by H4 Bull Engulf giv­ing H4-C‑D 1851.556.
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 3/3
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous with price is trad­ing below yesterday’s
  • Dai­ly Range
    • ADR: 24805
    • ASR: 17135
      • 428
    • ASR Short: 7884
      • 197
    • Day
      • Yes­ter­day’s High 1877.030
      • Yes­ter­day’s Low 1849.590

Sen­ti­ment

  • LN open
    • Below Val­ue, Out­side Range
  • Open dis­tance to value
    • 0.82xASR
  • Nar­ra­tive
    • Large Imbal­ance although not quite 0.9+. D1 Closed below D1/W1 QHi. H4 Bull Engulf and price returned to D1 QHi. D1 C‑sup right above IBR. Asia extend­ed to the upside. Prev. Day Exceed­ed by 1.11 so might see some retrace­ment up. Trend is still up 3/3 as well.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Sus­tained Auc­tion Long, mean reveri­son (tricky with new­ly formed D1 C‑sup right there)
  • Hypo 2
    • Rever­sal Short (near D1 C‑sup)
  • Hypo 3
    • Auc­tion Fade Short
  • Hypo 4
    • Failed Auc­tion Short, vari­a­tion to hypo 1 in case mean rever­sion doesn’t hap­pen in the first two hours

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.859
  • D1-C‑S 1862.238

ZOIs for Pos­si­ble Long

  • H4-C‑D 1856.414
  • H4-C‑D 1851.556

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.

No Comments

Post A Comment