20220120 Premarket Prep Gold - Bear Market Trader
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8448
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20220120 Premarket Prep Gold

20220120 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 QHi rejected
  • Last week closed as a W1 Bull­ish Inside Bar and price is trad­ing above its body but still with­in range
    • Price is cur­rent­ly trad­ing with­in last week’s body
    • Pos­si­bly devel­op­ing W1 Three Out­side Up
    • Price made a new HH and is test­ing W1 sup­ply not far below below W1 QHi and MN C‑Sup

Click to Enlarge

Sen­ti­ment

  • LN open
    • 1.67xASR Above Val­ue, Out­side Range
    • Huge Imbal­ance
  • Mar­ket Profile
    • 2‑day over­lap­ping val­ues with yesterday’s being wider
  • Nar­ra­tive
    • Big D1 Bull Engulf tak­ing out D1 Sup­ply giv­ing D1 C‑Dem
    • Prev. Day Exceed­ed ADR by 1.85, pos­si­ble momen­tum although with loca­tion there could be a pullback
    • Price trad­ing just below D1 QHi, QLo rejected
    • Trend change: MIXED Trend
    • H4 con­sol­i­da­tion below D1/H4 QHi (although no test of QHi (yet)
    • Asia extend­ed higher
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Short
    • Mean Rever­sion, Sus­tained Auction
    • If price can take out LTF demand and extend downwards
  • Hypo 2
    • Long
    • Late-Sus­tained Auc­tion Entry
    • Huge Imbal­ance, pos­si­ble con­tin­u­a­tion, price would need to take out Asia high and close above
    • Risky due to H4/D1 QHi right above
  • Hypo 3
    • Short
    • Auc­tion Fade, pos­si­ble reversal
  • Hypo 4
    • Short
    • Failed Auc­tion

Addi­tion­al Notes

  • N.A.

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay but just had some neg­a­tive news

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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