NY Premarket Prep Gold 20210615 - Bear Market Trader
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NY Premarket Prep Gold 20210615

NY Premarket Prep Gold 20210615

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

This is my pre­mar­ket prep for today’s NY 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

Click to Enlarge

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing below last week’s body and range as a con­tin­u­a­tion to W1 Three Out­side Down

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear Engulf and con­tin­u­a­tion, pos­si­ble D1 Phase 4 although arrived at D1 200MA. Trad­ing mid D1 swing.
    • H4 Phase 4 arriv­ing at H4-C‑D 1853.368 OLD with no reac­tion (yet)
  • Trend: H4 Down, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is up 2/3
  • Mar­ket Profile
    • Val­ue cre­at­ed below the brack­et­ing range
  • Dai­ly Range
    • ADR: 22774
    • ASR: 13312
      • 285
    • Day
      • Yes­ter­day’s High 1902.930
      • Yes­ter­day’s Low 1874.420


  • Loca­tions
    • H4-C‑D 1853.459 at VAL
  • Sen­ti­ment
    • NY open
      • Open with­in Value
    • Open dis­tance to value
      • N.A.
    • Pre­mar­ket
      • H4 con­sol­i­da­tion con­tin­ued. Price trad­ing mid H4 swing.
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. D1 Is trad­ing below yesterday’s body but with­in range.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Val­ue Rejec­tion Up Fail­ure  / Auc­tion Fade / Failed Auction
    • Nar­ra­tive: D1 Bear­ish Narrative
    • Pre­ferred: Close above VAH coin­cid­ing with IB exten­sion (tech­ni­cal­ly reject­ing val­ue). Fail­ure to sus­tain auc­tion for a pos­si­ble Failed Auc­tion. Auc­tion Fade if price extends higher.
    • Con: The ini­tial move would have tak­en out H4 supply
  • Hypo 2 — Val­ue Rejec­tion Down / Sus­tained Auc­tion Down
    • Nar­ra­tive: D1 Bear­ish narrative
    • Pre­ferred: IB exten­sion down with sus­tained auc­tion, pos­si­ble late-sus­tained auc­tion entry
    • Con: Trad­ing at VAH, H1-C‑D 1853.459 OLD at VAL 
  • Hypo 3 — Val­ue Rejec­tion Down Fail­ure / Auc­tion Fade pos­si­bly at H4 demand at VAL
  • Hypo 4 — Val­ue Rejec­tion Up / Sus­tained Auc­tion Up
    • Nar­ra­tive: Pos­si­ble break from H4 consolidation
    • Pre­ferred: Strong close above VAH coin­cid­ing with IB exten­sion, pos­si­ble late-sus­tained auc­tion entry
    • Con: D1 Bear­ish Narrative.

Addi­tion­al notes

  • Cap­i­tal preser­va­tion rule in effect

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.863

ZOIs for Pos­si­ble Long

  • H4-C‑D 1853.459
  • D1-C‑D 1825.990

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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