Premarket Prep Gold 12102020 - Bear Market Trader
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Premarket Prep Gold 12102020

Premarket Prep Gold 12102020

#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 Bear Engulf giv­ing D1-C‑S 1863.817 return­ing at D1-C‑D 1839.702 BASE
    • H4 Phase 4 with some­what messy arrival at D1-C‑D 1839.702 BASE and H4 QLo being reac­tive with price clos­ing above QLo but no fol­low-through on a move high­er, instead an Inside Bar.
  • Mar­ket Profile
    • Val­ues slop­ing down
    • ADR: 28204
    • ASR: 17662
      • 450
    • Day
      • Yes­ter­day’s High 1870.440
      • Yes­ter­day’s Low 1839.702


  • Loca­tions
    • D1-C‑S 1863.817 at VAH
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1 x ASR
    • Sen­ti­ment
      • Large imbal­ance. Mean rever­sion would be the best play although we returned to a D1 base sig­ni­fy­ing a pos­si­ble con­tin­u­a­tion to the move medi­um term. Price is mid M30 swing even though right at H4 QLo.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Pre­ferred: Strong bull­ish price action, IB exten­sion up (momen­tum) and sus­tained auction.
  • Hypo 2 — Trend Continuation
    • If we could trade below 1822 we could see a fur­ther play down. Any­thing before that might prove tricky short­ing into a large demand. 
    • Pre­ferred: Strong Bear­ish Price action, IB exten­sion down (momen­tum) and sus­tained auction.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1888.729
  • H4-C‑S 1873.428
  • D1-C‑S 1863.817

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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