Premarket Prep Gold 02102021 - Bear Market Trader
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Premarket Prep Gold 02102021

Premarket Prep Gold 02102021

#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 hav­ing reached new­ly formed W1-C‑S 1847.890

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 fol­low-through on bull­ish inside bar clos­ing above D1 QLo, test­ing QLo once before trad­ing high­er. Some ini­tial push­back on first test of QHi (and D1 VWAP)
    • H4 Evening Star at D1/H4 QHi and W1-C‑S 1847.890 cre­at­ing H4-C‑S 1842.785 with no real break below instead cre­at­ing a Bull Engulf giv­ing H4-C‑D 1839.490 with price slight­ly clos­ing with­in over­head supply.
    • Pre­mar­ket: Closed deep­er into new­ly formed H4-C‑S 1842.785
  • Trend
    • Mixed trend: H4 Up, D1 down, W1 up
  • Mar­ket Profile
    • Val­ues in UT
    • ADR: 27434
    • ASR: 21246
      • 540
    • Day
      • Yes­ter­day’s High 1848.500
      • Yes­ter­day’s Low 1829.910


  • Loca­tions
    • W1-C‑S 1847.890 at H4/D1 QHi
    • H4-C‑D 1839.490 at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range right at VAH
    • Open dis­tance to value
      • Right on VAH
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Although with an open this close to VAH it could just ush­er in respon­sive activ­i­ty due to a pos­si­ble bal­anc­ing nature. So we can either say that we are in for a bal­anc­ing ses­sion OR we just accept­ed val­ue at the open and have rotat­ed through over 90%. With an arrival at H4 QHi  hav­ing test­ed once before we could see a rever­sal at this point how­ev­er due to the nature of the push high­er and trad­ed above yesterday’s body we could see a con­tin­u­a­tion to the move unless we can rotate through val­ue and hold below.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: The open slight­ly above val­ue, new­ly formed H4-C‑D 1839.490 at VAL
    • Pre­ferred: Rotat­ing through val­ue before revers­ing through bull­ish price action clos­ing high­er tak­ing out H4-C‑S 1842.785
    • Con: risky due to W1 C‑sup
  • Hypo 2 — Swing Reversal
    • Nar­ra­tive: H4 QHi, D1 slight­ly high­er, W1 C‑sup retest
    • Pre­ferred: Strong bear­ish price action with VAA and quick rota­tion, break below val­ue and hold­ing. Even­tu­al­ly tak­ing out H4 demand
  • Hypo 3 — Respon­sive Activity

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1855.544
  • W1-C‑S 1847.890
  • H4-C‑S 1842.785

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


Day trader. Tech geek. Sim Racing Enthusiast.

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