Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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20211216 Premarket Prep Gold

20211216 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 but still with­in range

Click to Enlarge

Sen­ti­ment

  • LN open
    • ABove Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.12xASR
  • Mar­ket Profile
    • Val­ue cre­at­ed below the pre­vi­ous with price cur­rent­ly trad­ing above
  • Nar­ra­tive
    • D1 Inside Bar with long buy­ing wick react­ing off D1 QLo / W1 demand, pos­si­ble devel­op­ing D1 Three Out­side Up
    • H4 con­sol­i­da­tion at H4 QLo with break high­er giv­ing H4-C‑D 1769.533
    • H4 Phase 2
    • Trend change from trend is up to Trend is Down 2/3
    • Tight IBR only 0.17xASR
    • D1/H4 QLo reject­ed, price trad­ing mid swing
    • Large Imbal­ance
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Down
  • Hypo 2
    • ADR Exhaus­tion Reversal
  • Hypo 3
    • Auc­tion Fade Long
  • Hypo 4
    • Late-sus­tained auc­tion up

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1790.962
  • D1-C‑S 1783.088

ZOIs for Pos­si­ble Long

  • D1-C‑D 1768.500
  • 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 Racing Enthusiast.

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