20220503 Premarket Prep Gold - Bear Market Trader
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20220503 Premarket Prep Gold

20220503 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
    • MN Bear Engulf reject­ing MN QHi
    • Price trad­ing below body and range
  • W1
    • Pos­si­ble W1 Phase 4
    • W1 QHi rejec­tion, price trad­ing mid swing
    • Price trad­ing below body and range

Click to Enlarge

Nar­ra­tive

  • D1
    • Pos­si­ble D1 Phase 4
    • D1 closed with­in D1-C‑D 1870.000
    • D1 QHi reject­ed, price trad­ing mid swing
    • Prev. Day Exceed­ed ADR by 1.64
  • H4
    • Price slow­down with­in D1 demand but closed lower
  • Trend
    • Trend is Down 2/3
  • Mar­ket Profile
    • Val­ue cre­at­ed below over­all range, swings wider
  • LN Open
    • 0.84xASR Below Val­ue, Out­side Range
    • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed down
    • 0.37xASR Tight IBR
    • LN wider than NY

Addi­tion­al Notes

  • Thurs­day, May 05, USD, Fed Inter­est Rate Decision
  • Fri­day, May 06, USD, Non Farm Pay­rolls (Apr)

Hypos

  • Hypo 1 (RED)
    • Long
    • Failed Auc­tion
  • Hypo 2 (GREEN)
    • Short
    • Late-Sus­tained Auction
  • Hypo 3 (PURPLE)
    • Long
    • Auc­tion Fade

Clar­i­ty

  • 3

Mind­ful Trad­ing (lack of sleep?)

  • Didn’t sleep well so will take extra caution

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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