20221220 Premarket Prep Gold - Bear Market Trader
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20 Dec 20221220 Premarket Prep Gold

Posted at 10:09h in Gold, Gold Premarket Prep, Trading Plan by
1 Like

#Fin­twit #XAUUSD #GOLD #Mar­ket­Pro­file #Order­flow

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for GOLD. This prep builds off of my week­ly trade plan I made here:

Gold 2022 Week 51 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Larg­er Timeframe

  • MN
    • Price made a HH and is trad­ing above body, out­side range, at MN VWAP
  • W1
    • Price slow­down below W1 QHi, trad­ing with­in body

Nar­ra­tive

  • D1
    • D1 VWAP 200MA apex
    • Pos­si­ble D1 Phase 1 / 3
  • H4
    • H4 Bear Engulf giv­ing H4-C‑S 1793.220 below VAL, with­in range
    • Some demand giv­en H4-C‑D 1786.840 
    • H4 QLo reject­ed, price trad­ing mid swing
  • Trend
    • Trend is UP 2/3
  • Mar­ket Profile 
    • Val­ue cre­at­ed above the the previous
  • LN Open
    • Open With­in Value
    • Asia extend­ed higher
    • 0.83xASR Wide IBR trad­ing high­er tak­ing out H4 Sup­ply and exhaust­ing ADR

Addi­tion­al Notes

  • N.A.

Hypos

  • Hypo 1
    • Short
    • Rever­sal, pos­si­ble Failed Auction
  • Hypo 2
    • Long
    • Strength From With­in IBR
  • Hypo 3
    • Long
    • Failed Auc­tion
  • Hypo 4
    • Short
    • Rever­sal, Pos­si­ble Auc­tion Fade

Clar­i­ty / Con­fi­dence (1 — 5, low to high)

  • 2

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals 
    • Use SL scaling

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim Racing Enthusiast.

2 Comments
  • juan l.
    Posted at 16:14h, 20 December

    Good evening Capt­ian. I’m sure your wear­ing your silk paja­mas by now.

    I am now doing my dai­ly plans before see­ing yours to see how they match up.
    as expect­ed we seen some of the same things described dif­fer­ent­ly, which is a con­fi­dence boost­er for me.
    I also noticed i might be hav­ing what they call ” begin­ners luck” so i want to keep my emo­tions in check, lim­it the num­ber of trades.I write down what i see, mark my lev­els, note the trends and observe Price action. 

    One que­si­ton for today :

    I played a short, failed auc­tion on GC.
    lat­er in the lon­don ses­sion i cut it short for a -.7R ( oth­er­wise i would’ve got­ten stopped out for 1R). ulti­mate­ly the trade went my way.
    i based my entrance on a 5 min extend­ed dis­tri­b­u­tion fol­lowed by a bear­ish engulf­ing. pic­tures below:
    QUESTION : Is there some­thing i missed or did i get it com­plete­ly wrong ?

  • T3chAddict
    Posted at 04:17h, 21 December

    You were not com­plete­ly wrong. Based on the Open With­in Val­ue and Wide IBR a Failed Auc­tion was the more prob­a­ble play. How­ev­er, ADR get­ting exhaust­ed dur­ing LN could be an indi­ca­tor for a uni­di­rec­tion­al day and thus a con­tin­u­a­tion. Which did tran­spire by the end of day. Also a Failed Auc­tion needs to have the Price Action close with­in IBR. Prefer­ably min­i­mum a M15 can­dle and then even prefer­ably on the hour / half hour mark. So not quar­ter past, quar­ter to. Seems like you jumped the gun here.
    Tricky is that this could some­times work due to the open nar­ra­tive I just explained. I call this a Rever­sal to Failed Auc­tion play where you mon­i­tor for a FA after entry on the rever­sal. Still needs a strong price action for entry though. Which came lat­er after ASR got exhaust­ed. M15 Bear­ish Inside Bar that final­ly tran­si­tioned into M30 clos­ing with­in IBR.
    Kudos to you for rec­og­niz­ing that you might have “begin­ners luck”. Hav­ing said that this is only one trade that you did not exe­cute prop­er­ly so too soon to bash your­self on the head for not per­form­ing well. Focus on get­ting the setups right with­in the right nar­ra­tive. After 50+ trades you can look back and see where your strong and weak points are. Keep at it.

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