Premarket Prep Gold 01202021 - Bear Market Trader
day trade, day trading, forex, FX, trade plan, trading plan, XAU USD, XAUUSD, GOLD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,

Premarket Prep Gold 01202021

Premarket Prep Gold 01202021

GBPNZD in a too tight range thus focus­ing on Gold today. 

#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

  • Only take trades accord­ing to a hypo unless there are mul­ti­ple con­di­tions met

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing mid W1 swing

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 con­tin­ued high­er clos­ing slight­ly above W1-C‑D 1839.109 through spin­ning top 
    • H4 demand formed at W1 demand with con­se­quent move high­er through Morn­ing Star and con­tin­u­a­tion clos­ing with­in H4-C‑S 1844.705 (at H4 50MA in DT)
    • Pre­mar­ket H4 closed almost tak­ing out over­head sup­ply, trad­ing with­in H4 QHi
  • Mar­ket Profile
    • Val­ue areas in uptrend but still with­in over­all range
    • ADR: 30206
    • ASR: 19632
      • 495
    • Day
      • Yes­ter­day’s High 1845.390
      • Yes­ter­day’s Low 1832.900


  • Loca­tions
    • Yes­ter­day high near VAH
    • W1-C‑D 1839.109 at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.6xASR
    • Sen­ti­ment
      • Larg­er imbal­ance. Open right at ADR 0.5 and H4-C‑S 1859.581 over­head with­in H4 QHi. Asia trad­ing high­er we could see some retracement/mean rever­sion. Due to poten­tial momen­tum behind the bull­ish push any shorts can be con­sid­ered high­ly risky unless more mean rever­sion cri­te­ria is met. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Yes­ter­day high at VAH (plus M30 VWAP)
    • Pre­ferred: bull­ish price action con­fir­ma­tion, IB extend­ing high­er with sus­tained auc­tion tak­ing out H4 supply.
  • Hypo 2 — Mean Reversion
    • Price moves high­er test­ing next sup­ply at H4-C‑S 1859.581
    • Pre­ferred: Price action rever­sal with­in IB after extend­ing up oth­er­wise a poten­tial failed auction.
    • Mon­i­tor for a poten­tial val­ue acceptance
  • Hypo 3 — Trend Continuation
    • Pre­ferred: Strong bull­ish price action, IB exten­sion up with sus­tained auction. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.402
  • H4-C‑S 1859.581
  • H4-C‑S 1844.705

ZOIs for Pos­si­ble Long

  • MN-C‑D 1877.953 coin­cid­ing with D1 demand
  • D1-C‑D 1847.306
  • 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.

0 0 votes
Article Rating
Notify of

Inline Feedbacks
View all comments
Would love your thoughts, please comment.x