Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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20220422 Premarket Prep Gold

20220422 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

Larg­er Timeframe

  • MN
    • Last month closed as a MN Invert­ed Hammer
    • Cur­rent­ly price is trad­ing above last month’s body but with­in range and start­ed react­ing off MN Supply
  • W1
    • W1 Three Out­side Up with price mak­ing a HH although start­ed react­ing off W1 Sup­ply and QHi and price has returned to new­ly formed W1-C‑D 1947.156 High in Dis­tr. Curve

Click to Enlarge

Nar­ra­tive

  • D1
    • D1 Con­sol­i­da­tion with longer buy­ing wicks
    • D1 QHi rejec­tion, price trad­ing mid swing
  • H4
    • Pos­si­ble H4 Phase 1 / 3
    • H4 demand at VAH
  • Trend
    • Trend is UP 2/3
  • Mar­ket Profile
    • 2 over­lap­ping val­ues, price slowdown
  • LN Open
    • 0.32xASR Above Val­ue, Out­side Range
    • Mod­er­ate to Large Imbalance
    • Asia trad­ed side­ways form­ing a Neu­tral Day
    • 0.26xASR Tight IBR

Addi­tion­al Notes

  • Pos­si­ble Fri­day Profit-taking

Hypos

  • Hypo 1
    • Long
    • Return to Val­ue, Rever­sal, Pos­si­ble Failed Auc­tion, mon­i­tor for a pos­si­ble continuation
  • Hypo 2
    • Short
    • Val­ue Acceptance
  • Hypo 3
    • Short
    • Late-Sus­tained Auction

Clar­i­ty

  • 3

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • No ear­ly exits, either hit SL or target
    • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
  • 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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