Premarket Prep Gold 02022021 - Bear Market Trader
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Premarket Prep Gold 02022021

Premarket Prep Gold 02022021

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 with­in last week’s spin­ning top

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 inde­ci­sive close although trad­ed high­er but left a longer sell­ing wick behind
    • H4 Phase 3 with bear engulf and price action leav­ing behind lots of wicks, price trad­ing at H4 QHi hav­ing closed below
    • Big drop after H4 phase 3 pre­mar­ket  with clean arrival at H4 C‑dem although price is trad­ing mid (H4/D1) swing. 
  • Mar­ket Profile
    • 2‑day brack­et­ing range with tighter val­ue cre­at­ed around VAH
    • ADR: 26626
    • ASR: 20267
      • 510
    • Day
      • Yes­ter­day’s High 1871.680
      • Yes­ter­day’s Low 1849.040


  • Loca­tions
    • H4-C‑D 1848.932 just above ADR 0.5 low
    • H4-C‑S 1858.434 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.6xASR
    • Sen­ti­ment
      • Mod­er­ate to Large Imbal­ance. With near­by H4 C‑dem we might see some reac­tion or push back to the drop pre­mar­ket. With H4 C‑sup at VAL a return to val­ue would be a great oppor­tu­ni­ty although we might see a continuation. 
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Asia down, Open sen­ti­ment, H4 C‑dem, larg­er time­frame bull­ish sentiment 
    • Con: ear­ly in the week for weigh­ing on the larg­er time­frame sentiment. 
    • Pre­ferred: A move fur­ther down to W1 C‑dem fol­lowed by a failed auc­tion or if with­in IB strong bull­ish rever­sal pat­tern, exten­sion up with sus­tained auc­tion. Although ADR exhaus­tion is right there so be cau­tious. Mon­i­tor for val­ue acceptance.
  • Hypo 2 — Return to Value
    • Nar­ra­tive: H4 C‑sup at VAL
    • Con: N.A.
    • Pre­ferred: price action rever­sal at said lev­el, failed auc­tion or TPO struc­ture buildup.
  • Hypo 3 — Trend Continuation 
    • Nar­ra­tive: D1 inde­ci­sive for­ma­tion below D12 VWAP, H4 Phase 3 tran­si­tion into 4
    • Con: clean arrival at H4 demand, near­by W1 C‑dem
    • Pre­ferred: IB exten­sion down tak­ing out LTF demands with sus­tained auc­tion exhaust­ing ADR. 
    • Con: less like­li­hood of a uni­di­rec­tion­al move as it’s the first week of February. 

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 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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