20220124 Premarket Prep Gold - Bear Market Trader
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20220124 Premarket Prep Gold

20220124 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 but still with­in range

Click to Enlarge


  • Nar­ra­tive
    • Price trad­ing at D1 QHi and formed a weak D1 Evening Star with price cur­rent­ly trad­ing above pre­vi­ous body but with­in range
    • H4 QHi reject­ed but price trad­ing mid swing
    • H4 con­sol­i­da­tion at H4 VWAP in UT giv­ing H4 C‑Dem and con­se­quent price climbed high­er with no reac­tion (yet) off new­ly formed D1 C‑Sup
    • H4 C‑Dem with­in Val­ue near VAH
    • Mixed trend
  • LN open
    • 0.17xASR Above Val­ue, With­in Range
    • Mod­er­ate Imbalance
  • Mar­ket Profile
    • Val­ue cre­at­ed below the pre­vi­ous with price cur­rent­ly trad­ing above
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Long
    • Return to Val­ue, pos­si­ble Failed Auction
  • Hypo 2
    • Long
    • Late-sus­tained auc­tion entry
    • Risky due to trad­ing into D1 QHi so price would need to take out and close above pre­vi­ous day’s high
    • Pos­si­ble entry off re-test of IB high
  • Hypo 3
    • Short
    • Val­ue Acceptance
  • Hypo 4
    • Short
    • Auc­tion Fade, Rever­sal at D1 QHi / MN C‑Sup

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


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