Premarket Prep Gold 01082021 - Bear Market Trader
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Premarket Prep Gold 01082021

Premarket Prep Gold 01082021

#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

  • Moved below W1 QHi but no D1 close yet

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price trad­ing mid D1 Q swing, pos­si­ble Phase 4
    • Pos­si­ble H4 phase 1 / 3 (redis­tri­b­u­tion) with sup­ply and demand right on top of one and other
    • H4 clos­ing down below H4 50MA pre­mar­ket, M30 Bear Engulf formed premarket
  • Mar­ket Profile
    • Wide val­ue area yes­ter­day in a 2 day brack­et­ing range with con­se­quent­ly price trad­ing way below
    • ADR: 26925
    • ASR: 15376
      • 390
    • Day
      • Yes­ter­day’s High 1927.580
      • Yes­ter­day’s Low 1906.840


  • Loca­tions
    • ADR exhaus­tion with­in H4 QLo
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.6xASR
    • Sen­ti­ment
      • Mod­er­ate to large imbal­ance. Was think­ing to go short at the open but thought I’d give it a minute before enter­ing but a mas­sive drop happened. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Pre­ferred: Tak­ing out of demand. IB exten­sion (which now will be sus­pect as IB already tra­versed 1.7xASR.
  • Hypo 2 — Mean Reversion
    • Pre­ferred: IB exten­sion down fol­lowed by a failed auc­tion and quick follow-through

Addi­tion­al notes

  • Non-farm today

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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