Premarket Prep Gold 20210303 - Bear Market Trader
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Premarket Prep Gold 20210303

Premarket Prep Gold 20210303

#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 account

Com­pared against Week­ly Trad­ing Plan

  • Price is trad­ing above W1-C‑D 1730

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull­ish Inside Bar with longer buy­ing wick at W1-C‑D 1730
    • H4 Three Inside Up with RBR con­tin­u­a­tion giv­ing H4-C‑D 1727.37 BASE and con­sol­i­da­tion at H4 VWAP in DT
    • Pre­mar­ket: Trad­ed slight­ly low­er below con­sol­i­da­tion (fol­low­ing H4 VWAP in DT)
  • Trend
    • Trend: H4 Down, D1 down, W1 up
  • Mar­ket Profile
    • Val­ue cre­at­ed below pre­vi­ous value
    • ADR: 34151
    • ASR: 16743
      • 420
    • Day
      • Yes­ter­day’s High 17470.400
      • Yes­ter­day’s Low 1707.190


  • Loca­tions
    • H4-C‑D 1727.37 BASE with­in Val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • With­in value
    • Open dis­tance to value
      • N.A.
    • Nar­ra­tive
      • Bal­anc­ing Mar­ket. Although if H4 base lev­el gets tak­en out we could see a fur­ther con­tin­u­a­tion down in line with larg­er bear­ish sen­ti­ment. Although due to a lot of LTF con­ges­tion we could see some push­back on the way to orig­i­nat­ing lev­el of 1716.
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Bal­anc­ing Market
    • Nar­ra­tive: open with­in val­ue with lots of LTF sup­ply and demand around
    • Pre­ferred: Play off LTF and ADR levels.
  • Hypo 2 — Val­ue Rejec­tion Down
    • Nar­ra­tive: Price con­sol­i­dat­ing and trad­ed down at H4 VWAP in DT, larg­er time­frame bear­ish sentiment. 
    • Pre­ferred: Take out of H4 demand hit­ting base lev­el. Clos­ing below VAL con­fi­dent­ly coin­cid­ing with IB exten­sion fol­lowed by sus­tained auction. 
    • Con: D1 Inside Bar with long buy­ing wick, rid­dle with LTF con­ges­tion on the way down/ 
  • Hypo 2 — Val­ue Rejec­tion Up
    • Nar­ra­tive: D1 Inside Bar with long buy­ing wick, W1 demand nearby
    • Pre­ferred: Open at VAH, con­sol­i­da­tion with strong fin­ish­er clos­ing above val­ue coin­cid­ing with IB exten­sion up fol­lowed by a sus­tained auction.
    • Con: H4 and LTF sup­plies over­head giv­ing congestion. 

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 1727.37 BASE
  • H4-C‑D 1716.800
  • 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


Day trader. Tech geek. Sim Racing Enthusiast.

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