Premarket Prep Gold 12042020 - Bear Market Trader
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Premarket Prep Gold 12042020

Premarket Prep Gold 12042020

#pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #day­trad­ing #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #XAUUSD #GOLD 

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

  • Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if possible. 

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing with­in last week’s body cur­rent­ly retraced more than 50% (2 days left in the candle)

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Phase 2 after strong bull engulf giv­ing D1-C‑D 1786.586 near­ing D1 VWAP in DT
    • New H4–C‑D 1840.142 formed after a pull­back, cur­rent­ly consolidating. 
    • Mid H4 swing
  • Mar­ket Profile
    • Pro­files in UT
    • ADR: 29164
    • ASR: 18232
      • 46
    • Day
      • Yes­ter­day’s High 1843.786
      • Yes­ter­day’s Low 1823.556


  • Loca­tions
    • H4-C‑D 1840.142 with­in value
  • Sen­ti­ment
    • LN open
      • With­in value
    • Open dis­tance to value
      • N.A.
    • Sen­ti­ment
      • Bal­anc­ing mar­ket. Although due to new­ly formed H4 C‑dem we could see a val­ue rejec­tion up. Hav­ing said that there might be some prof­it-tak­ing instead. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Con­tin­u­a­tion / val­ue rejec­tion up
    • Pre­ferred: val­ue rejec­tion up through strong bull­ish pat­tern tak­ing out LTF sup­ply. IB exten­sion up (momen­tum) with sus­tained auction. 
    • Anoth­er oppor­tu­ni­ty might be a rever­sal at ADR 0.5 high. Mon­i­tor for PA rever­sal, TPO struc­ture, sin­gle print fade. Failed auction. 
  • Hypo 2 — Val­ue Rejec­tion Down
    • Pre­ferred: Strong bear­ish pat­tern with a hold be low VAL. Sus­tained auction. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • No sig­nif­i­cant sup­plies overhead

ZOIs for Pos­si­ble Long

  • H4-C‑D 1.1840.142
  • H4-C‑D 1.1811.027

Mind­ful Trading

  • Didn’t sleep too well last night but 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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