NY Premarket Prep Gold 20210610 - Bear Market Trader
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NY Premarket Prep Gold 20210610

NY Premarket Prep Gold 20210610

#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

Week­ly Focus Points

  • Min. 3 times work­ing out at home + manda­to­ry cardio
  • Trad­ing rules
    • Focus on tak­ing ONE trade a day. If I missed the first DTTZ then a trade needs to be tak­en on the 2nd DTTZ unless there is a high/medium ini­tia­tive activ­i­ty day.
    • Only price-action based exit rules (or if hit time stop comes earlier)
    • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
    • Buffer trades (prof­it tar­get >1R) are allowed and encouraged
    • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
  • No social media / mes­sen­ger apps / phone calls allowed dur­ing the trad­ing window

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing below last week’s body of the Bear­ish Inside bar but with­in range of the buy­ing wick

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Slight con­tin­u­a­tion down on the D1 Bear­ish Inside bar form­ing a Three Out­side Down giv­ing D1-C‑S 1892.536 clos­ing with­in D1 demand slight­ly below D1 QHi
    • H4 Phase 4 with price hav­ing touched H4 QLo and H4-C‑D 1871.527 at the open and price react­ing off it higher
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP 2/3
  • Mar­ket Profile
    • 4‑day brack­et
  • Dai­ly Range
    • ADR: 23657
    • ASR: 11074
      • 277
    • Day
      • Yes­ter­day’s High 1898.830
      • Yes­ter­day’s Low 1887.290


  • Loca­tions
    • D1-C‑S 1892.536 with­in value
  • Sen­ti­ment
    • NY open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.26xASR
    • Pre­mar­ket
      • H4 closed lower
    • Nar­ra­tive
      • Large Imbal­ance at the open and ECB report com­ing out made price shoot up from the open test­ing value’s edge right now. This cre­at­ed 1.94xASR wide IBR con­ducive to respon­sive activ­i­ty for the remain­der of the ses­sion. ADR got exhausted.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Failed Auction
    • Nar­ra­tive: Huge IBR, respon­sive activity
    • Pre­ferred: Price extends IBR high for but fails the auc­tion, M5/M15 PA rever­sal at PNYC, 
    • Con: Very wide IBR to cut expec­ta­tions short for a prof­it target
  • Hypo 2 — Fad­ing the Auction
    • Nar­ra­tive: Huge IBR, respon­sive activity
    • Pre­ferred: Price over­shoots IB to the upside form­ing PA rever­sal at D1 C‑sup with TPO struc­ture, per­haps a Sin­gle Print Fade
    • Con: Very wide IBR to cut expec­ta­tions short for a prof­it target
  • Hypo 3 — Val­ue Acceptance
    • Nar­ra­tive: Was going to say open sen­ti­ment but that’s not true as it is a mile away. 
    • Pre­ferred: ear­ly close with­in val­ue and quick rota­tion (already play­ing out)
    • Con: Val­ue very tight and H4 c‑sup with­in value

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1899.150
  • D1-C‑S 1892.536

ZOIs for Pos­si­ble Long

  • H4-C‑D 1871.527

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 13 trades by the end of the month
  • Week­ly Goal
    • Min. 3 times work­ing out at home + manda­to­ry cardio
  • Risk Man­age­ment
    • With­out forc­ing a trade: aim to take 1 trade a day, if pos­si­ble 2. 
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING


Day trader. Tech geek. Sim Racing Enthusiast.

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