20220509 Premarket Prep Gold - Bear Market Trader
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20220509 Premarket Prep Gold

20220509 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 made a LL and is trad­ing below body but with­in range
  • W1
    • W1 closed down as a Bear­ish Hammer
    • Price trad­ing below body but with­in range
    • W1 QHi reject­ed, price trad­ing mid swing

Click to Enlarge

Nar­ra­tive

  • D1
    • Pos­si­ble D1 Phase 1 / 3
    • D1 QHi reject­ed, price trad­ing mid swing
  • H4
    • H4-C‑S 1884.783 with­in val­ue at VAH
    • H4 QLo reject­ed but then returned back to it and is trad­ing within 
  • Trend
    • Trend is Down 2/3
  • Mar­ket Profile
    • Val­ue cre­at­ed below the previous
  • LN Open
    • 0.36xASR Below Val­ue, Out­side Range
    • Mod­er­ate to Large Imbalance
    • Asia extend­ed down
    • 0.35xASR Tight IBR

Addi­tion­al Notes

  • N.A.

Hypos

  • Hypo 1
    • Short
    • Late-Sus­tained Auction
  • Hypo 2
    • Long
    • Failed Auc­tion
  • Hypo 3
    • Long
    • Auc­tion Fade

Clar­i­ty

  • 2

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay, not the sharpest.
  • Busy with oth­er work as well

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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