Premarket Prep Gold 01072021 - Bear Market Trader
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Premarket Prep Gold 01072021

Premarket Prep Gold 01072021

#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. Still trad­ing with­in W1 QHi

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bear Engulf after arrival at D1-C‑S 1954.946 giv­ing D1-C‑S 1941.237
    • H4 big move down (clos­ing below D1 QHi) to H4 50MA fol­lowed by an Inside Bar cre­at­ing some demand and consolidaiton
  • Mar­ket Profile
    • Wide val­ue area yes­ter­day in a 2 day brack­et­ing range with con­se­quent­ly price trad­ing way below
    • ADR: 26887
    • ASR: 15309
      • 390
    • Day
      • Yes­ter­day’s High 1959.160
      • Yes­ter­day’s Low 1900.820


  • Loca­tions
    • D1-C‑S 1941.237 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.2xASR
    • Sen­ti­ment
      • Large Imbal­ance. Dead Cat Bounce? A con­sol­i­da­tion formed after a big move down bounc­ing off H4 50MA. Open sen­ti­ment sug­gest a mean rever­sion but will let order flow and price action guide. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Pre­ferred: Strong bull­ish price action, IB exten­sion up, sus­tained auction. 
  • Hypo 2 Trend Continuation
    • Pre­ferred: Strong Bear­ish pa, IB exten­sion down with sus­tained auction. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1954.946
  • D1-C‑S 1941.237

ZOIs for Pos­si­ble Long

  • MN-C‑D 1877.953 coin­cid­ing with D1 demand

Mind­ful Trading

  • Feel­ing okay

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


Day trader. Tech geek. Sim Racing Enthusiast.

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