Premarket Prep Gold 12112020 - Bear Market Trader
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Premarket Prep Gold 12112020

Premarket Prep Gold 12112020

#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 reject­ing over­head sup­ply pos­si­bly form­ing an Inside bar with long sell­ing wick but would need today to close to be certain.

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 closed as an Inside bar with slight­ly longer sell­ing wick after the bear engulf with­in the D1 Base demand
    • H4 show­ing bal­anc­ing mar­ket although closed as an Evening star premarket
  • Mar­ket Profile
    • With­in value
    • ADR: 28582
    • ASR: 18877
      • 480
    • Day
      • Yes­ter­day’s High 1863.817
      • Yes­ter­day’s Low 1828.570


  • Loca­tions
    • ADR 0.5 low at bot­tom of LTF demand
  • Sen­ti­ment
    • LN open
      • With­in value
    • Open dis­tance to value
      • 1.1 x ASR
    • Sen­ti­ment
      • Due to price hav­ing return to a D1 base demand we could see a con­tin­u­a­tion down. The D1 Inside bar with slight­ly longer sell­ing wick would point could point in the same direction. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Respon­sive activ­i­ty — Val­ue Rejec­tion Failure
    • Play off near­by LTF SD, ADR 0.5
  • Hypo 2 — Val­ue Rejec­tion Down
    • Pre­ferred: Ib exten­sion Down (momen­tum) sus­tained auction
  • Hypo 3 — Val­ue Rejec­tion up
    • Pre­ferred: Ib exten­sion Up (momen­tum) 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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