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Bear Market Trader | Premarket Prep GOLD XAUUSD - London session
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Premarket Prep Gold 20210217

Premarket Prep Gold 20210217

#fin­twit #order­flow #day­trad­ing #pre­mar­ket­prep #XAUUSD #GOLD #Forex­trad­er #forex #FX #Forexlifestyle #day­trade #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life 

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

  • Only take trades accord­ing to a hypo unless there are mul­ti­ple con­di­tions met

Com­pared against Week­ly Trad­ing Plan

  • Price is trad­ing with­in W1 demand at W1 QLo / W1 50MA in UT (test­ed 4 times) in a squeeze with W1 VWAP
    • Final­ly broke below W1 50MA and is trad­ing below (although no close)

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 DBD clos­ing almost tak­ing out D1 swing 
    • Move below H4-C‑S 1819.219
    • Pre­mar­ket: Cre­at­ed some sup­ply after the big drop
  • Trend
    • Mixed trend: H4 Down, D1 down, W1 up
  • Mar­ket Profile
    • 3 day brack­et with yes­ter­day fair­ly wide
    • ADR: 25155
    • ASR: 17944
      • 450
    • Day
      • Yes­ter­day’s High 1826.360
      • Yes­ter­day’s Low 1786.750

Sen­ti­ment

  • Loca­tions
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.2xASR
    • Nar­ra­tive
      • Large Imbal­ance. Due to the open sen­ti­ment we could see some mean rever­sion although due to new­ly formed H4 sup­ply we might see a con­tin­u­a­tion to the move instead as there is no sig­nif­i­cant demand below until 1764.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: D1 drop plus W1 50MA Break down sentiment
    • Pre­ferred: Momen­tum exten­sion below with sus­tained auction.
    • Con: Open sentiment
  • Hypo 2 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment could be grounds for a pull­back before any continuation. 
    • Pre­ferred: Bull­ish Price Action per­haps with a failed auc­tion combination
    • Con: Larg­er time­frame sentiment

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1855.544
  • W1-C‑S 1847.890
  • D1-C‑S 1836.153

ZOIs for Pos­si­ble Long

  • D1-C‑D 1787.150

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

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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