Premarket Prep Gold 20210304 - Bear Market Trader
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Premarket Prep Gold 20210304

Premarket Prep Gold 20210304

#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 with­in W1-C‑D 1730

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 DBB through Bear Engulf giv­ing D1-C‑S 1725.10 tak­ing out D1 demand
    • H4 DBD no arrival (yet) at D1-C‑D 1693
    • Pre­mar­ket: H4 Bull Engulf cre­at­ing demand H4-C‑D 1710.50
  • Trend
    • Trend: H4 Down, D1 down, W1 up
  • Mar­ket Profile
    • 2‑days over­lap­ping value
    • ADR: 35172
    • ASR: 17326
      • 440
    • Day
      • Yes­ter­day’s High 1737.410
      • Yes­ter­day’s Low 1701.970


  • Loca­tions
    • D1-C‑S 1725.10 with­in val­ue below PPOC
  • Sen­ti­ment
    • LN open
      • Below Val­ue, With­in Range
    • Open dis­tance to value
      • 0.25xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Due to open sen­ti­ment and the new­ly formed H4 Bull Engulf we could see a shift in sen­ti­ment through a val­ue accep­tance. Due to price trad­ing with­in W1 and near­by D1 C‑dem this could back up the the­sis. How­ev­er, yes­ter­day closed as a D1 DBD and price opened below val­ue indi­cat­ing price could want to con­tin­ue fur­ther down. 
  • Clar­i­ty (1–5, 5 being best)
  • Hypo 1 — Return to Value
    • Nar­ra­tive: D1 C‑sup with­in val­ue, open sen­ti­ment, larg­er time­frame bull­ish sentiment
    • Pre­ferred: Bear­ish Price action, pos­si­bly test­ing val­ue and extend­ing IB down with a sus­tained auction. 
    • Con: H4 Bull Engulf premarket
  • Hypo 2 — Val­ue Acceptance
    • Nar­ra­tive: H4 Bull Engulf, price trad­ing with­in W1 demand, near prox­im­i­ty to val­ue edge. 
    • Pre­ferred: Ear­ly accep­tance with quick follow-through
    • Con: LTF sup­plies and D1 C‑sup with­in value

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1770
  • H4-C‑S 1751
  • D1-C‑S 1725.10

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • H4-C‑D 1710.50
  • 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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