Premarket Prep Gold 20210302 - Bear Market Trader
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Premarket Prep Gold 20210302

Premarket Prep Gold 20210302

#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 trade the main fund

Com­pared against Week­ly Trad­ing Plan

  • Price is trad­ing with­in W1-C‑D 1730

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 trad­ed low­er leav­ing behind a longer sell­ing wick and clos­ing with­in W1/D1 demand with D1 Demand End not tak­en out (yet)
    • H4 Bear Engulf cre­at­ed giv­ing H4-C‑S 1751 and con­tin­u­a­tion low­er arriv­ing at H4-C‑D 1716.813
    • Pre­mar­ket: H4 Inside bar with longer sell­ing wick at H4-C‑D 1716.813
  • Trend
    • Trend: H4 Down, D1 down, W1 up
  • Mar­ket Profile
    • ADR: 33527
    • ASR: 18280
      • 460
    • Day
      • Yes­ter­day’s High 1759.750
      • Yes­ter­day’s Low 1719.660


  • Loca­tions
    • H4-C‑S 1751 at VAH
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1xASR
    • Nar­ra­tive
      • Large Imbal­ance
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Due to open sen­ti­ment and demand lev­els we could see a mean rever­sion although risky due to larg­er time­frame sentiment
    • Pre­ferred: Bull­ish Price action, IB exten­sion up
    • Con: Larg­er time­frame bear­ish sentiment
  • Hypo 2 — Trend Continuation
    • Nar­ra­tive: Larg­er time­frame bear­ish sen­ti­ment with near­by LTF sup­plies, Bear­ish LTF price action premarket
    • Pre­ferred: Bear­ish price action with IB exten­sion down, with sus­tained auc­tion tak­ing out D1 demand
    • Con: Trad­ing right into demand

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1806
  • H4-C‑S 1770
  • H4-C‑S 1751

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • H4-C‑D 1716.813
  • D1-C‑D 1693

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


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