Premarket Prep Gold 02092021 - Bear Market Trader
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Premarket Prep Gold 02092021

Premarket Prep Gold 02092021

#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 is retrac­ing the W1 Three Out­side Down almost reach­ing new­ly formed W1-C‑S 1847.890

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price returned to D1-C‑S 1834.156 BASE lev­el, pos­si­ble con­tin­u­a­tion to D1 phase 2 (although might be near­ing its end due to swing high)
    • Mid D1/H4 swing near­ing QHi
    • Clean arrival at H4-C‑S 1837.081 with some reac­tion but no fol­low-through. Instead a close with­in over­head supply.
    • Pre­mar­ket: H4 trad­ed high­er into supply
  • Trend
    • Mixed trend: H4 down, D1 down, W1 up
  • Mar­ket Profile
    • Val­ues in DT with cur­rent­ly price above value
    • ADR: 28465
    • ASR: 21413
      • 540
    • Day
      • Yes­ter­day’s High 1839.040
      • Yes­ter­day’s Low 1807.730


  • Loca­tions
    • W1-C‑S 1847.890 at H4/D1 QHi
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1xASR
    • Nar­ra­tive
      • Due to open sen­ti­ment and trad­ing with­in a sup­ply we might see some form of mean rever­sion before a con­tin­u­a­tion to the move. Due to D1 base lev­el being hit we could see more upside on medi­um term time frame.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Trad­ing with­in H4 sup­ply, open sentiment
    • Pre­ferred: Bear­ish rever­sal and IB exten­sion down with sus­tained auc­tion clos­ing below supply.
  • Hypo 2 — Trend Continuation
    • Nar­ra­tive: large imbal­ance could have momen­tum dri­ving it, plus price closed deep­er into sup­ply after return­ing to a base lev­el. Fur­ther­more we have not yet arrived at a swing high. 
    • Pre­ferred: Bull­ish Price action with IB exten­sion up (momen­tum), sus­tained auc­tion tak­ing out H4 supply. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1889.101
  • D1-C‑S 1855.544
  • 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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