Premarket Prep Gold 20210224 - Bear Market Trader
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Premarket Prep Gold 20210224

Premarket Prep Gold 20210224

#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 pos­si­bly form­ing a W1 DBD tak­ing out larg­er time­frame demand
    • Retraced the move almost back to W1-C‑S 1818.073 BASE level

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Yes­ter­day closed as a D1 Inside Bar with longer buy­ing wick
    • H4 Phase 1 / 3 with Bear Engulf form­ing sup­ply at H4-C‑S 1810.242 (high in dis­tri­b­u­tion curve) with con­se­quent slight fol­low-through down but imme­di­ate push back high­er test­ing said sup­ply through H4 Three Inside Up leav­ing behind a longer sell­ing wick. Price trad­ing between new­ly formed H4 c‑sup and H4-C‑D 1806.874
    • Mid D1 Swing
    • Pre­mar­ket: H4 closed as a consolidation
  • Trend
    • Mixed trend: H4 Up, D1 down, W1 up
  • Mar­ket Profile
    • Imbal­ance
    • ADR: 25774
    • ASR: 15228
      • 390
    • Day
      • Yes­ter­day’s High 1815.860
      • Yes­ter­day’s Low 1795.520


  • Loca­tions
    • H4-C‑S 1810.242 at VAH
    • H4-C‑D 1806.874 at VAL
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range (ambigu­ous as it is right at VAL, could be con­sid­ered with­in although indi­ca­tor shows as below) 
    • Open dis­tance to value
      • Right below VAL
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance to bal­anc­ing. Due to open sen­ti­ment we could see an ear­ly val­ue accep­tance but with val­ue being so tight this will prob­a­bly not be trade­able. With a pos­si­ble D1 RBR we could see a move high­er after rota­tion. Due to being mid swing this could real­ly go either way. H4 price action could be con­sid­ered a Phase 3 as we do have moved high­er not reach­ing W1 base lev­el yet. Although we are near. 
  • Clar­i­ty (1–5, 5 being best)
    • 2
  • Hypo 1 — Val­ue Rejec­tion Up
    • Just found out I don’t know how to call this par­tic­u­lar set­up as the open is some­what ambigu­ous so the best I feel under the cir­cum­stances is a val­ue rejec­tion up even though it tech­ni­cal­ly is not.
    • Nar­ra­tive: D1 RBR nar­ra­tive, H4 consolidation
    • Pre­ferred: Ear­ly move through val­ue extend­ing up 
    • Con: H4 sup­ply above
  • Hypo 2 — Swing Reversal
    • Nar­ra­tive: D1 Three Out­side Down narrative
    • Pre­ferred: Bear­ish price action clos­ing deep into demand with sus­tained auc­tion, although unlikely. 
    • Con: Lots of demand underneath. 

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 1847.890
  • W1-C‑S 1818.073 BASE
  • H4-C‑S 1810.242 (high in dist. curve)

ZOIs for Pos­si­ble Long

  • H4-C‑D 1806.874
  • D1-C‑D 1787
  • D1-C‑D 1764.5

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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