20220121 Premarket Prep Gold - Bear Market Trader
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20220121 Premarket Prep Gold

20220121 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


  • Nar­ra­tive
    • Big D1 Bull Engulf fol­lowed by an Grave­stone Doji (leav­ing sell­ing wick after react­ing off D1QHi), price is cur­rent­ly trad­ing below pos­si­bly devel­op­ing a D1 Evening Star
    • H4 Bear­ish Inside Bar (at D1 QHi) with slow fol­low-through mak­ing a DBD giv­ing H4 C‑Sup (with­in Value)
    • Mixed Trend
    • Asia formed a Neu­tral Day
    • IB tra­versed down and broke yesterday’s low (which is near VAL)
    • Wide IBR 1xASR, tra­vers­ing down trad­ing at ADR 0.5 low not far from ADR exhaus­tion, pos­si­ble momen­tum, although dou­ble-wham­my of respon­sive activ­i­ty com­bined with open sentiment
  • LN open
    • Open With­in Value
  • Mar­ket Profile
    • Val­ue cre­at­ed extend­ed above the pre­vi­ous range and price is trad­ing below
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Short
    • Weak­ness From With­in IBR
  • Hypo 2
    • Long
    • Failed Auc­tion
    • (pos­si­ble rever­sal at ADR 0.5 Low which I’ll be mon­i­tor­ing for my playbook)
  • Hypo 3
    • Short
    • Failed Auc­tion
  • Hypo 4
    • Short
    • Late-Sus­tained Auction

Addi­tion­al Notes

  • N.A.

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


Day trader. Tech geek. Sim Racing Enthusiast.

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