20220107 Premarket Prep Gold - Bear Market Trader
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20220107 Premarket Prep Gold

20220107 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

  • W1 price trad­ing below last week’s body and poked below range

Click to Enlarge

Sen­ti­ment

  • LN open
    • 0.38xASR Below Val­ue, With­in Range, Mod­er­ate Imbalance
  • Mar­ket Profile
    • Val­ue cre­at­ed below the pre­vi­ous but still with­in over­all range
  • Nar­ra­tive
    • D1 Three Out­side Down
    • Prev. Day Exceed­ed ADR by 1.23
    • Price formed a H4 Bull Engulf with­in H4 QLo with­out con­tin­u­a­tion or rejec­tion, instead a Bear Engulf giv­ing H4-C‑S 1791.319
    • No arrival at D1 QLo (yet) but price is trad­ing with­in D1 demand
    • Trend is Down 2/3
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • VAL Rever­sal, Failed Auc­tion Short
  • Hypo 2
    • Val­ue Acceptance
  • Hypo 3
    • Late-Sus­tained Auc­tion Short, risky trad­ing into QLo
  • Hypo 4
    • Auc­tion Fade Long

Addi­tion­al Notes

  • NFP lat­er

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1791.319

ZOIs for Pos­si­ble Long

  • D1-C‑D 1806.441
  • D1-C‑D 1791.319

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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