Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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20220125 Premarket Prep Gold

20220125 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 month’s body and range
  • Price trad­ing above last week’s body (W1 Three Out­side Up) but still with­in range but still below W1 Supply

Click to Enlarge

Sen­ti­ment

  • Nar­ra­tive
    • D1 Evening Star at D1 QHi with no con­tin­u­a­tion. Instead a D1 Bull Engulf clos­ing with­in new­ly formed supply
    • H4 QHi rejec­tion and price trad­ing again below it
    • Mixed Trend
  • LN open
    • Open With­in Value
    • Bal­anc­ing Market
  • Mar­ket Profile
    • Price trad­ing at the top of the over­all range
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Short
    • Late-Sus­tained Auction
  • Hypo 2
    • Long
    • Failed Auc­tion
  • Hypo 3
    • Long
    • Auc­tion Fade

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim Racing Enthusiast.

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