20221221 Premarket Prep Gold - Bear Market Trader
This is my premarket prep for the London session.
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20221221 Premarket Prep Gold

#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:

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

Larg­er Timeframe

  • MN
    • Price made a HH, trad­ing above body, out­side range, at MN VWAP
  • W1
    • Price trad­ing above body, with­in range, with­in Wide W1 QHi

Nar­ra­tive

  • D1
    • Big D1 Bull Engulf clos­ing with­in Wide W1/D1 QHi, above pre­vi­ous high, below D1-C‑S 1819.901
  • H4
    • Price fal­ter­ing with­in Wide W1/D1/H4 QHi
  • Trend
    • Trend is UP 3/3
  • Mar­ket Profile 
    • Wide val­ue cre­at­ed above the previous
  • LN Open
    • Prev. Day Exceed­ed ADR by 1.71
    • 0.60xASR Above Val­ue, Out­side Range
    • Mod­er­ate to Large Imbalance
    • Asia formed a Neu­tral Day but most­ly trad­ed lower
    • 0.23xASR Tight IBR

Addi­tion­al Notes

  • N.A.

Hypos

  • Hypo 1
    • Short
    • Late-Sus­tained Auction
  • Hypo 2
    • Long
    • Rever­sal, pos­si­ble Failed Auction
  • Hypo 3
    • Short
    • Rever­sal, pos­si­ble Failed Auction
  • Hypo 4
    • Long
    • Return to Val­ue, 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.

3 Comments
  • juan l.
    Posted at 20:46h, 21 December

    Night Night sleepy head ! 

    So my thoughts aligned with your first hypo for the direc­tion of the mar­ket. Ini­tial­ly i saw what i thought was a con­fir­ma­tion of my
    analysis:
    price still over extended
    as soon as the lon­don ses­sion opens heads lower.
    C&D TPO’s con­tin­ue down and main­tain price out­side of IB
    Pre­vi­ous swing low is broken
    Look left, no signs of resis­tance for a short
    Bear­ish can­dle pat­tern on the 5min TF.
    Enter short on a pullback
    Ini­tial­ly trade goes my way, i see the short momen­tum is lost, move S/L to B/E. I get stopped out B/E

    So obvi­ous­ly there was still some momen­tum left in the Gas tank. So the ques­tion is:
    1.What fac­tors should be used to deter­mine if a move still has momen­tum so as to not jump in early ?
    2.What fac­tors should be used to deter­mine that a move has lost all its momentum ?
    3. Or am i just not read­ing the mar­ket correctly ?

    Thank you Sire for your answers. For la famil­ia, Gracias.

  • T3chAddict
    Posted at 06:01h, 22 December

    What do you mean price over extend­ed? Break of IB?
    1. Sin­gle prints, M15/M30 close out­side of IB, you keep using the M5 but I would sug­gest bas­ing your deci­sions off the M15/M30
    2. TPO struc­ture build, M15/M30 close with­in IB (strong price action)
    3. I was in on this short as well. I was more patient than you (as price did not fail the auc­tion and thus was sus­tained) and let the trade devel­op a bit longer and end­ed up tak­ing only a minor 0.7R.

    To mov­ing stop to break even I will say this:

  • juan l.
    Posted at 12:21h, 22 December

    Hi.
    Over extend­ed, meaing price is in Qpoint extremes and zones extremes.
    Break of IB or trad­ing out­side IBR.
    1. Thank you for help­ing me real­ize that deci­sions are not based on 5min TF. Oopsie

    Thank you for that video, She point­ed out the prob­lem per­fect­ly. My Entry/strategy is wrong.

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