20220510 Premarket Prep Gold - Bear Market Trader
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20220510 Premarket Prep Gold

20220510 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


  • D1
    • Prev. Day Exceed­ed ADR by 1.12
    • D1 Closed down with­in Demand as a Marubozu
    • D1 QHi reject­ed, price trad­ing mid swing
  • H4
    • Price trad­ing with­in H4 QLo
    • Pos­si­ble H4 Phase 1 / 3
  • Trend
    • Trend is Down 2/3
  • Mar­ket Profile
    • Val­ues in DT, yesterday’s val­ue wider than usual
  • LN Open
    • 0.05xASR Below Val­ue, With­in Range
    • Asia formed a Neu­tral day but pre­dom­i­nant­ly trad­ed higher
    • 0.21xASR Tight IBR
    • Price accept­ed val­ue but then extend­ed to the down­side, pos­si­ble con­sol­i­da­tion at VAL

Addi­tion­al Notes

  • N.A.


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


  • 3

Mind­ful Trad­ing (lack of sleep?)

  • Not feel­ing too sharp

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


Day trader. Tech geek. Sim Racing Enthusiast.

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