Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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20211217 Premarket Prep Gold

20211217 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 and range

Click to Enlarge

Sen­ti­ment

  • LN open
    • Above Val­ue, Out­side Range
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous with price trad­ing above the over­all range
  • Nar­ra­tive
    • D1 QLo reject­ed, price trad­ing mid swing
    • D1 Three Out­side Up (giv­ing D1-C‑D 1779.276) tak­ing out some sup­ply with long buy­ing wick but trad­ing in the next D1 supply
    • H4 Phase 2 with price near­ing H4 200MA in R and trad­ing with­in H4 QHi
    • Price opened at H4-C‑S 1807.942 OLD
    • Trend change: Trend is Down to Mixed trend
    • Prev. Day Exceed­ed ADR by 1.19
    • Huge Imbal­ance 1.79xASR
    • Price trad­ing above yesterday’s high
    • Lon­don range slight­ly big­ger than NY
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion, Sus­tained Auc­tion Down
  • Hypo 2
    • Failed Auc­tion Long
  • Hypo 3
    • Late-sus­tained auc­tion long
  • Hypo 4
    • Auc­tion Fade Long

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1807.942 OLD
  • D1-C‑S 1790.962

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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