Premarket Prep Gold 01132021 - Bear Market Trader
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Premarket Prep Gold 01132021

Premarket Prep Gold 01132021

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

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 Three Out­side Up at W1-C‑D 1839.109
    • H4 Three Out­side Down giv­ing H4-C‑S 1859.349 and return­ing to H4-C‑D 1844.527 / W1-C‑D 1839.109 with no fol­low-through. Instead a strong Inside Bar and test­ing new­ly formed H4-C‑S 1859.349 again (@H4 VWAP in DT)
    • H4 closed down as a Three Out­side Down into new­ly formed demand.
  • Mar­ket Profile
    • Val­ue formed above Monday’s value
    • ADR: 36679
    • ASR: 18741
      • 470
    • Day
      • Yes­ter­day’s High 1863.720
      • Yes­ter­day’s Low 1836.620


  • Loca­tions
    • H4 c‑sup at H4 VWAP in DT
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Sen­ti­ment
      • Bal­anc­ing. Although with new­ly formed H4 Bear Engulf at H4 VWAP in DT we could be see­ing a val­ue rejec­tion down tak­ing out new­ly formed Demand. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Play off near­by LTF SD and ADR levels.
  • Hypo 2 — Val­ue Rejec­tion Down
    • Pre­ferred: IB exten­sion down tak­ing out LTF and H4 demand, sus­tained auction.
  • Hypo 3 — Val­ue Rejec­tion Up
    • Pre­ferred: Strong bull­ish price action clos­ing or tak­ing out over­head sup­ply fol­lowed by IB exten­sion up, sus­tained auction.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.402
  • H4-C‑S 1859.349

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


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