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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 01042021

Premarket Prep Gold 01042021

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

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

  • Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if pos­si­ble. Unless there is a momen­tum play.

Com­pared against Week­ly Trad­ing Plan

  • Mov­ing deep­er into W1-C‑S 1888.402 and trad­ing above last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Gap up and price took out H4/D1 supply
  • Mar­ket Profile
    • Val­ue cre­at­ed below the brack­et­ing range with price cur­rent­ly trad­ing above it. ADR exhaust­ed to the upside. 
    • ADR: 23770
    • ASR: 16310
      • 408
    • Day
      • Yes­ter­day’s High 1900.230
      • Yes­ter­day’s Low 1885.290

Sen­ti­ment

  • Loca­tions
    • N.A.
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.9xASR
    • Sen­ti­ment
      • Excep­tion­al­ly large imbal­ance and ADR got exhaust­ed after H4/D1 sup­ply got tak­en out. Either some mean rever­sion is com­ing up or we are in for a uni­di­rec­tion­al session. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Pre­ferred: Bull­ish Price action with IB exten­sion up and sus­tained auction
  • Hypo 2 — Mean Reversion
    • Pre­ferred: Price action rever­sal, IB extend­ing over fol­lowed with failed auc­tion and quick follow-through.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.402

ZOIs for Pos­si­ble Long

  • MN-C‑D 1877.953

Mind­ful Trading

  • Not going to trade today

Focus Points for trad­ing development

  • Month­ly Goals
    • Con­tin­ue track­ing my DRC track­ing sheet
    • Focus on my own progress and less on others
    • Feel­ing okay with NOT trading
    • Have ‘qui­eter’ weekends
  • Week­ly Goal
    • Min. 3 times hit­ting the gym
  • Trad­ing Rules
    • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
  • Risk Man­age­ment
    • 3 trades 1% risk, 3rd trade only if first 2 worked out
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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