Premarket Prep Gold 01122021 - Bear Market Trader
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Premarket Prep Gold 01122021

Premarket Prep Gold 01122021

GBPNZD in a slight­ly too tight range so will focus on Gold today.

#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

  • React­ing off W1 demand after Bear Engulf was formed

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Pin bar with longer buy­ing wick formed at W1-C‑D 1839.109
    • H4 Bull Engulf above D1 QLo giv­ing H4-C‑D 1844.527 with no fol­low-through. Instead some con­sol­i­da­tion (cre­at­ing some sup­ply) with a ‘weak’ bull engulf clos­ing below said supply
      • Took out said sup­ply with a con­tin­u­a­tion from the bull engulf.
  • Mar­ket Profile
    • Val­ues in DT although price is cur­rent­ly trad­ing above value.
    • ADR: 36203
    • ASR: 18236
      • 460
    • Day
      • Yes­ter­day’s High 1855.370
      • Yes­ter­day’s Low 1816.780


  • Loca­tions
    • W1-C‑S 1889.402 above ADR exhaustion
    • H4-C‑D 1844.527 at VAL
    • New­ly formed H4 demand at VAH
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.3xASR
    • Sen­ti­ment
      • Mod­er­ate to large imbal­ance. With a H4 con­sol­i­da­tion at W1 demand and con­se­quent push high­er coin­cid­ing with new demand formed at VAH I am more bull­ish­ly biased unless we accept val­ue negat­ing the premise. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Pre­ferred: Price action rever­sal near VAH (per­haps even a quick rota­tion test­ing VAL and H4 C‑dem). In case of IB exten­sion down I’d pre­fer a failed auc­tion to neu­tral day extend­ing high­er. If price tra­vers­es down dur­ing IB I’d pre­fer an exten­sion up with sus­tained auction. 
  • Hypo 2 — Mean Reversion
    • Pre­ferred: Price tra­vers­ing high­er towards W1 C‑sup dur­ing IB (exhaust­ing ADR), pos­si­ble IB exten­sion up and failed auc­tion oth­er­wise price action rever­sal with­in IB range and con­se­quent move down. Pos­si­ble TPO struc­ture buildup before reversal.
    • Con: ADR Exhaustion
  • Hypo 3 — Val­ue Acceptance

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.402

ZOIs for Pos­si­ble Long

  • MN-C‑D 1877.953 coin­cid­ing with D1 demand
  • H4-C‑D 1844.527 & W1-C‑D 1839.109

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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