Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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20220207 Premarket Prep Gold

20220207 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 and extend­ed range slight­ly although price is trad­ing at new W1 supply

Click to Enlarge

Sen­ti­ment

  • Nar­ra­tive
    • D1 con­sol­i­da­tion with longer buy­ing wicks react­ing off D1 demand and D1 QLo rejection
    • H4 Bear Engulf with long buy­ing wick and no con­tin­u­a­tion, price moved higher
    • H4 QHi reject­ed and price trad­ing mid swing
    • W1 sup­ply above VAH with near­by ADR 0.5 high, pre­vi­ous day’s high
    • MIXED trend
    • Prev. Day Exceed­ed ADR by 1.21, pos­si­ble momentum
  • LN open
    • Open With­in Value
  • Mar­ket Profile
    • Val­ue cre­at­ed above the pre­vi­ous bracket
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1
    • Short
    • Failed Auc­tion
  • Hypo 2
    • Bal­anc­ing Mar­ket Play
  • Hypo 3
    • Short
    • Late-Sus­tained Auction
  • Hypo 4
    • Long
    • Auc­tion Fade

Addi­tion­al Notes

  • N.A.

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay, although first day back after hol­i­days so take it easy

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
    • 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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