Premarket Prep Gold 12082020 - Bear Market Trader
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Premarket Prep Gold 12082020

Premarket Prep Gold 12082020

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #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 above last week’s Inside Bar and is near­ing W1-C‑S 1888.729 (still some ways to go)

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 made a pull­back and then closed mak­ing HHs com­plet­ing a RBR giv­ing D1-C‑D 1839.702 BASE. Price reached D1-C‑S 1863.006 BASE and is about to reach W1-C‑S 1877.471 BASE.
    • Big H4 Bull Engulf formed at D1-C‑D 1839.702 BASE reach­ing for H4-C‑S 1873.428 and H4 200MA before con­sol­i­dat­ing and break­ing con­sol­i­da­tion to the upside. 
  • Mar­ket Profile
    • Pro­files in UT and then a 2 day bracketing 
    • ADR: 28150
    • ASR: 18743
      • 460
    • Day
      • Yes­ter­day’s High 1848.085
      • Yes­ter­day’s Low 1829.079


  • Loca­tions
    • D1-C‑D 1839.702 BASE near range high
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.7 xASR
    • Sen­ti­ment
      • Large Imbal­ance. Due to the large imbal­ance and Asia trad­ing slight­ly high­er I am more inclined for some mean rever­sion. ALthough, due to hav­ing reached a D1 Base lev­el I do expect price sen­ti­ment to be more bull­ish. The con­sol­i­da­tion at near­by H4 C‑sup would speak in favor of the mean rever­sion. A close deep into over­head sup­ply would negate that but long­ing into sup­ply is tricky to say the least. Don’t expect price to retrace all the way back to val­ue due to D1-C‑D 1839.702 BASE being in the way and it would sug­gest more down­side on the medi­um to long term. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Pre­ferred: Tak­ing out LTF sup­plies would take out H4 sup­ply as well. IB exten­sion down (momen­tum), sus­tained auction. 
  • Hypo 2 — Reac­tive Activity
  • Hypo 3 — Trend Continuation
    • Large imbal­ance might indi­cate ‘high­er forces’ at play push­ing prices higher.
    • Pre­ferred” Strong price action tak­ing out LTF demand with IB exten­sion up (momen­tum) sus­tained auc­tion (pos­si­ble low/medium ini­tia­tive activ­i­ty due to over­head supply. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.729
  • H4-C‑S 1873.428

ZOIs for Pos­si­ble Long

  • D1-C‑D 1839.702 BASE

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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