Premarket Prep Gold 01282021 - Bear Market Trader
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Premarket Prep Gold 01282021

Premarket Prep Gold 01282021

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 with­in pre­vi­ous week’s candle

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 arrival at W1-C‑D 1839.109 (coin­cid­ing with D1 demand) mul­ti­ple tests clos­ing below D1 200MA in UT
    • Mid D1 swing
    • Some H4 con­sol­i­da­tion with con­se­quent move slight­ly low­er react­ing off H4 LKC in R (cur­rent­ly test­ing for the sec­ond time) trad­ing with­in H4 demand.
    • Trad­ing in low­er half of H4 swing no arrival at QLo (yet)
  • Mar­ket Profile
    • Price cre­at­ed a wide val­ue area slight­ly below the 3‑day bracket
    • ADR: 25122
    • ASR: 17061
      • 430
    • Day
      • Yes­ter­day’s High 1853.050
      • Yes­ter­day’s Low 1831.320


  • Loca­tions
    • W1/D1 C‑dems at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.2xASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance. With near prox­im­i­ty and near­by D1/W1 C‑dems we could see a move up although H4 has con­sis­tent­ly trad­ed lower. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: con­tin­u­a­tion to the D1 decline 
    • Pre­ferred: Bear­ish price action con­firm­ing a rejec­tion of VAL with con­se­quent IB exten­sion down and sus­tained auction. 
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: Due to arrival at W1/D1 demand we could see a swing rever­sal up or at least a push high­er (pull­back perhaps)
    • Pre­ferred: Ear­ly accep­tance with quick fol­low-through. Mon­i­tor for H4-C‑S 1851.201 BASE to be hit and price action back­ing up a pos­si­ble continuation. 
  • Hypo 3 — Respon­sive Activity

Addi­tion­al notes

  • End of the month in an already weird month so extra cau­tion is advised. 

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.402
  • H4-C‑S 1869.965
  • H4-C‑S 1851.201 BASE

ZOIs for Pos­si­ble Long

  • MN-C‑D 1877.953 coin­cid­ing with D1 demand
  • H4-C‑D 1855.975
  • D1-C‑D 1847.306

Mind­ful Trading

  • Feel­ing okay, but slight­ly dis­tract­ed with oth­er stuff IRL. Extra caution. 

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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