20211119 Premarket Prep Gold - Bear Market Trader
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20211119 Premarket Prep Gold

20211119 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 made a HH and is cur­rent­ly trad­ing with­in last week’s body, with­in W1 QHi

Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Inside Bar clos­ing with­in new­ly formed demand from Bull Engulf, price still trad­ing with­in D1 QHi
    • Pos­si­ble D1 Phase 3
    • H4 failed to close high­er with­in sup­ply and formed a Bear Engulf giv­ing H4-C‑S 1859.500 at VAL
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 3/3
  • Mar­ket Profile
    • 2 over­lap­ping val­ues with­in over­all range
  • Dai­ly Range
    • ADR: 21761
    • ASR: 15781
      • 395
    • ASR Short: 8496
      • 212
    • Day
      • Yes­ter­day’s High 1870.890
      • Yes­ter­day’s Low 1855.050


  • LN open
    • Below Val­ue, With­in Range
  • Open dis­tance to value
    • 0.16xASR
  • Nar­ra­tive
    • Mod­er­ate Imbal­ance. Open Sen­ti­ment below val­ue at D1/W1 QHi sug­gest a pos­si­ble turn in sen­ti­ment. New H4 sup­ply formed at VAL with Bear Engulf clos­ing slight­ly below D1/W1 QHi. Although trad­ing with­in D1 demand near­ing H4 50MA in UT. Pos­si­ble D1 Phase 1 / 3. Trend is UP 3/3 still. Asia extend­ed to the upside. IBR took out some LTF demand. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Sus­tained Auc­tion Down
  • Hypo 2
    • Val­ue Acceptance
  • Hypo 3
    • Failed Auc­tion Short
  • Hypo 4
    • Auc­tion Fade Long
  • Hypo 5
    • Failed Auc­tion Long

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.859
  • H4-C‑S 1863.819
  • H4-C‑S 1859.500

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


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