Premarket Prep Gold 02012021 - Bear Market Trader
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Premarket Prep Gold 02012021

Premarket Prep Gold 02012021

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

  • Trad­ing above last week’s spin­ning top

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • 2 con­sec­u­tive days of a move high­er but with very long sell­ing wick tak­ing out pre­vi­ous demand
    • H4 spin­ning top with slight­ly longer sell­ing wick
  • Mar­ket Profile
    • Price cre­at­ed a wide val­ue area slight­ly below the 3‑day bracket
    • ADR: 26967
    • ASR: 19610
      • 490
    • Day
      • Yes­ter­day’s High 1875.580
      • Yes­ter­day’s Low 1839.52


  • Loca­tions
    • W1/D1 C‑dems at VAL
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Sen­ti­ment
      • Bal­anc­ing. LN open just below VAH after a M30 Three Inside Down was formed below ADR 0.5 high. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Bal­anc­ing Mar­ket / Val­ue Rejec­tion Failure
    • Nar­ra­tive: LN open with­in val­ue. Play off near­by LTF and ADR levels. 
  • Hypo 2 — Val­ue Rejec­tion Up
    • Nar­ra­tive: W1 Base into Ral­ly nar­ra­tive (although it’s just the first day of the week so) backed by a pos­si­ble H4 RBR.
    • Pre­ferred: Take out LTF sup­ply exhaust­ing ADR, IB exten­sion up with sus­tained auction. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.101
  • H4-C‑S 1858.434

ZOIs for Pos­si­ble Long

  • H4-C‑D 1848.932
  • W1-C‑D 1838.170

Mind­ful Trading

  • Feel­ing slight­ly less sharp. Per­haps the week­end trip took more out of me then I thought. Extra cau­tion today. 

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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