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20211122 Premarket Prep Gold - Bear Market Trader
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20211122 Premarket Prep Gold

20211122 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

  • Pos­si­ble Devel­op­ing MN Three Inside UP although price trad­ing with­in MN Supply
  • Last week closed as an Inside Bar below W1 QHi and price is trad­ing with­in its body

Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Three Out­side Down clos­ing below D1/W1 QHi
    • H4 closed below over­all range and some demand cre­at­ed above H4 LKC in UT
    • Lon­don trad­ing more than NY
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 3/3
  • Mar­ket Profile
    • 3‑day over­lap­ping val­ues with price cur­rent­ly trad­ing below
  • Dai­ly Range
    • ADR: 21196
    • ASR: 15330
      • 383
    • ASR Short: 9126
      • 228
    • Day
      • Yes­ter­day’s High 1865.600
      • Yes­ter­day’s Low 1842.970

Sen­ti­ment

  • LN open
    • Below Val­ue, Out­side Range 
  • Open dis­tance to value
    • 0.94xASR
  • Nar­ra­tive
    • Large Imbal­ance. Prev. Day Exceed­ed ADR by 1.08. Price formed a H4 Bear Engulf with longer buy­ing wick and is trad­ing at H4 LKC in UT. Trend is still up 3/3. Open sen­ti­ment sug­gests the pos­si­bil­i­ty for a mean rever­sion although new­ly formed demand did get tak­en out and D1 Three Out­side Down could see momen­tum behind the move. M30 con­sol­i­da­tion and break down dur­ing Asia and formed a Neu­tral Day.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Long, 
  • Hypo 2
    • Return to Val­ue, Rever­sal or per­haps an Auc­tion Fade Short
  • Hypo 3
    • Failed Auc­tion Short, vari­a­tion to a fail­ure of Hypo 1 with­in the first 2 hours
  • Hypo 4
    • Sus­tained Auc­tion Short, late-sus­tained auc­tion entry preferred
  • Hypo 5
    • Auc­tion Fade Long

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.859
  • D1-C‑S 1862.308

ZOIs for Pos­si­ble Long

  • W1-C‑D 1794.045

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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