Premarket Prep Gold 02052021 - Bear Market Trader
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Premarket Prep Gold 02052021

Premarket Prep Gold 02052021

#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 below last week’s spin­ning top with price cur­rent­ly trad­ing deep with­in W1 demand and W1 QLo

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 DBD giv­ing a base at D1-C‑S 1834.156 BASE arrived clean at D1-C‑D 1787.150 and cur­rent­ly trad­ing with­in D1 QLo (very wide)
    • H4 Inside bar and con­sol­i­da­tion cre­at­ing some demand at D1 demand giv­ing H4-C‑D 1795.513 with price trad­ing with­in H4 QLo which is very wide
    • Pre­mar­ket: H4 closed break­ing up from consolidation
  • Trend
    • Mixed trend: H4 down, D1 down, W1 up
  • Mar­ket Profile
    • Tight val­ue cre­at­ed below pre­vi­ous val­ue (mak­ing for 3 areas in DT)
    • ADR: 27043
    • ASR: 19492
      • 490
    • Day
      • Yes­ter­day’s High 1844.830
      • Yes­ter­day’s Low 1829.720


  • Loca­tions
    • D1-C‑D 1787.150 at yesterday’s low
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5xASR
    • Nar­ra­tive
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Return to Value
    • Nar­ra­tive: D1 drop so we might see a pull­back and some con­tin­u­a­tion before a com­plete rever­sal is formed around these levels. 
    • Pre­ferred: Price return­ing to VAL with price action con­fir­ma­tion of a rever­sal , IB exten­sion down (oth­er­wise a failed auc­tion) with sus­tained auction.
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive:  an accep­tance would negate a con­tin­u­a­tion down at these lev­els and we might instead see a close above H4/D1 QLo sig­nal­ing a sen­ti­ment change.
    • Pre­ferred: Ear­ly accep­tance and quick fol­low-through with a close above VAH

Addi­tion­al notes

  • Non-farm today

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.101
  • D1-C‑S 1855.789
  • D1-C‑S 1834.156 BASE

ZOIs for Pos­si­ble Long

  • W1-C‑D 1838.170
  • H4-C‑D 1795.513
  • D1-C‑D 1787.150
  • H4-C‑D 1772.243

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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