Premarket Prep Gold 02152021 - Bear Market Trader
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Premarket Prep Gold 02152021

Premarket Prep Gold 02152021

#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 trad­ing with­in W1 demand at W1 QLo / W1 50MA in UT (test­ed 4 times) ina squeeze with W1 VWAP

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Ham­mer after react­ing off D1 / W1 QLo, cur­rent­ly trad­ing below the body
    • Pos­si­ble H4 Phase 1 above D1-C‑D 1814.024 after some sup­ply was cre­at­ed giv­ing H4-C‑S 
    • Pre­mar­ket: New­ly formed H4 Bear Engulf with­in sup­ply clos­ing below
  • Trend
    • Mixed trend: H4 Up, D1 down, W1 up
  • Mar­ket Profile
    • Val­ues in UT
    • ADR: 25201
    • ASR: 17415
      • 440
    • Day
      • Yes­ter­day’s High 1830.560
      • Yes­ter­day’s Low 1810.470


  • Loca­tions
    • LTF demand at VAL and D1 c‑dem
  • Sen­ti­ment
    • LN open
      • With­in Value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket although due to W1 QLo and D1 c‑dem we could see buy­ers come into the market. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Rejec­tion Up
    • Nar­ra­tive: W1 QLo, D1 c‑dem
    • Pre­ferred: Ear­ly close above val­ue, IB exten­sion up (momen­tum) with sus­tained auction.
  • Hypo 2 — Val­ue Rejec­tion Failure
    • Nar­ra­tive: Play off near­by LTF and ADR levels.
  • Hypo 3 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Fol­low-through on new­ly formed H4 supply
    • Pre­ferred: Deep close below val­ue into demand, IB exten­sion down with sus­tained auction. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1855.544
  • W1-C‑S 1847.890
  • D1-C‑S 1836.153
  • H4-C‑S 1819.139

ZOIs for Pos­si­ble Long

  • W1-C‑D 1838.170
  • D1-C‑D 1814.024
  • D1-C‑D 1787.150

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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