Premarket Prep Gold 20210305 - Bear Market Trader
day trade, day trading, forex, FX, trade plan, trading plan, XAU USD, XAUUSD, GOLD, premarket prep, pre-market prep, tradingforex, traderlifestyle, daytraderlife,

Premarket Prep Gold 20210305

Premarket Prep Gold 20210305

#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
    • After D1 DBD there was a test of D1-C‑S 1725.10 and con­tin­u­a­tion down arriv­ing at D1-C‑D 1693 near­ing W1 demand end
    • Some H4 con­sol­i­da­tion with a weak-ish Morn­ing Star formed at D1-C‑D 1693
    • Pre­mar­ket: H4 Morn­ing Star
  • Trend
    • Trend: H4 Down, D1 down, W1 up
  • Mar­ket Profile
    • Val­ue was cre­at­ed below the 2 over­lap­ping days
    • ADR: 34869
    • ASR: 17927
      • 450
    • Day
      • Yes­ter­day’s High 1723.070
      • Yes­ter­day’s Low 1690.540


  • Loca­tions
    • H4-C‑S 1715.630 with­in val­ue at PPOC
  • Sen­ti­ment
    • LN open
      • Below Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.7xASR
    • Nar­ra­tive
      • Mod­er­ate to large imbal­ance. D1 Phase 4 arriv­ing at D1 demand with a H4 con­sol­i­da­tion we could see a rever­sal here. Although due to larg­er time­frame sen­ti­ment we could see a W1 phase 4 as well and thus even­tu­al­ly take out W1 demand. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Trend Continuation
    • Nar­ra­tive: Pos­si­ble D1/W1 Phase 4 
    • Pre­ferred: Bear­ish price action tak­ing out old H4 demand, IB exten­sion down (momen­tum) with sus­tained auc­tion test­ing end of W1 demand. 
    • Con: D1 demand.
  • Hypo 2 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment and near­by D1 demand after a big­ger move down
    • Pre­ferred: IB trad­ing low­er to about 1xASR below val­ue, bull­ish price action with either IB exten­sion up or a failed auc­tion. Move to IB edge. 
    • Con: Larg­er time­frame bear­ish sentiment.

Addi­tion­al notes

  • Non-farm lat­er today

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1725.10
  • H4-C‑S 1715.630

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • 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.

No Comments

Post A Comment