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20211222 Premarket Prep Gold - Bear Market Trader
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20211222 Premarket Prep Gold

20211222 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 is trad­ing with­in last week’s body near­ing W1-C‑D 1782.715

Click to Enlarge

Sen­ti­ment

  • LN open
    • Below Val­ue, Out­side Range
  • Mar­ket Profile
    • 2 over­lap­ping val­ues with price cur­rent­ly below
  • Nar­ra­tive
    • 0.77xASR Large imbal­ance at the open, mean rever­sion cri­te­ria not fulfilled
    • D1 base cre­at­ed after Bear Engulf
    • Big H4 Bear Engulf with a lit­tle dead cat bounce H4 Three Out­side Down at D1 supply
    • D1 QLo rejected
    • H4 QHi reject­ed and price is trad­ing mid swing
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1
    • Mean Rever­sion, sus­tained auc­tion up
  • Hypo 2
    • Late-sus­tained auc­tion down
  • Hypo 3
    • Failed Auc­tion Long
  • Hypo 4
    • Action Fade Long

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1790.962

ZOIs for Pos­si­ble Long

  • W1-C‑D 1782.715
  • D1-C‑D 1779.276
  • 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 racer/Pilot.

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