Premarket Prep Gold 12092020 - Bear Market Trader
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Premarket Prep Gold 12092020

Premarket Prep Gold 12092020

#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)
  • Price is near­ing MN-C‑D 1877.471 BASE

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed high­er run­ning into D1 50MA with bar clos­ing much small­er as the pre­vi­ous run up
    • Slow down of price test­ing H4-C‑S 1873.428 with con­se­quent move down tak­ing out pre­vi­ous­ly formed H4 demand
    • Price above H4 VWAP in UT
  • Mar­ket Profile
    • Dis­tance between pre­vi­ous two val­ue areas has widened sig­nif­i­cant­ly with price cur­rent­ly price trad­ing below val­ue area
    • ADR: 25625
    • ASR: 17220
      • 460
    • Day
      • Yes­ter­day’s High 1848.085
      • Yes­ter­day’s Low 1829.079


  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Below Range
    • Open dis­tance to value
      • 0.1 xASR
    • Sen­ti­ment
      • Mod­er­ate Imbal­ance. Due to pre­mar­ket tak­ing out of H4 demand and open­ing right below yesterday’s low we could see a con­tin­u­a­tion to the move form­ing a H4 DBD although H4 VWAP in UT is in the way. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Pre­ferred Strong Bear­ish Price action, IB exten­sion down tak­ing out LTF demand. Sus­tained auction. 
  • Hypo 2 —  Val­ue Acceptance
    • Pre­ferred: Ear­ly accep­tance with quick rotation.

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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