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20211207 Premarket Prep Gold - Bear Market Trader
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20211207 Premarket Prep Gold

20211207 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

Non-con­jec­ture obser­va­tions of the market

  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous but with­in over­all range 
  • Dai­ly Range
    • ADR: 22735
    • ASR: 13388
      • 3347
    • ASR Short: 9680
      • 2420
    • Day
      • Yes­ter­day’s High 1787.610
      • Yes­ter­day’s Low 1775.640

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing below last week’s body but still with­in range

Click to Enlarge

Sen­ti­ment

  • LN open
    • Above Val­ue, With­in Range
  • Open dis­tance to value
    • 0.03xASR
  • Nar­ra­tive
    • D1 closed as an inside bar, pos­si­ble D1 con­sol­i­da­tion con­tin­ued, price still trad­ing with­in D1 QLo
    • H4 broke down from H4 sup­ply (coin­cid­ing with H4 50MA in DT)
    • Price reject­ed H4 QLo and is trad­ing mid swing
    • Mod­er­ate Imbal­ance with near prox­im­i­ty to VAH but H4 demand with­in val­ue although price is trad­ing at the top of the over­all range
    • Trend is up 2/3
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Val­ue Accep­tance (short), and pos­si­ble con­tin­u­a­tion sus­tained auc­tion short
  • Hypo 2
    • VAH rever­sal
  • Hypo 3
    • Sus­tained Auc­tion Long
  • Hypo 4
    • Auc­tion Fade Long

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1784.704

ZOIs for Pos­si­ble Long

  • H4-C‑D 1771.866
  • W1-C‑D 1763.670

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 15 trades by the end of the month, can take 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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