Premarket Prep Gold 12162020 - Bear Market Trader
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Premarket Prep Gold 12162020

Premarket Prep Gold 12162020

#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 form­ing an Inside bar with long sell­ing wick and is cur­rent­ly trad­ing with­in the demand

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf giv­ing D1-C‑D 1837.559 and price is near­ing D1-C‑S 1863.817 trad­ing with­in D1 QHi
    • H4 Phase 2 near­ing H4 QHi fol­lowed by an Inside bar retrac­ing more than 50%
  • Mar­ket Profile
    • Val­ues slop­ing up
    • ADR: 27133
    • ASR: 15762
      • 400
    • Day
      • Yes­ter­day’s High 1855.28
      • Yes­ter­day’s Low 1825.420


  • Loca­tions
    • N.A.
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.5 x ASR
    • Sen­ti­ment
      • Slight­ly large imbal­ance. Even though there was a H4 Inside Bar formed pre­mar­ket there could still be a good chance for a bull­ish move as we have not ful­filled the mean rever­sion cri­te­ria and there is still some way to go to H4 QHi
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Pre­ferred: Strong bull­ish price action. IB exten­sion up (momen­tum). Sus­tained auction.
  • Hypo 2 — Swing Rever­sal / Mean Reversion
    • Pre­ferred: IB exten­sion up (ful­fill­ing mean rever­sion cri­te­ria) fol­lowed by rever­sal price action and failed auction. 
  • Hypo 3 — Return to Value
    • IB exten­sion Down fol­lowed by rever­sal price action and failed auction
  • Hypo 4 — Val­ue Acceptance

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

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

ZOIs for Pos­si­ble Long

  • D1-C‑D 1837.559

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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