Premarket Prep Gold 20210308 - Bear Market Trader
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Premarket Prep Gold 20210308

Premarket Prep Gold 20210308

#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
    • Slight Gap up with gap fill
    • Pre­mar­ket H4 sup­ply cre­at­ed at H4 VWAP in DT giv­ing H4-C‑S 1705.958
  • Trend
    • Trend: H4 Down, D1 down, W1 up
  • Mar­ket Profile
    • Val­ue in DT
    • ADR: 31916
    • ASR: 17995
      • 450
    • Day
      • Yes­ter­day’s High 1707.520
      • Yes­ter­day’s Low 1687.270


  • Loca­tions
    • D1-C‑D 1693 at VAL
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. With larg­er time­frame bear­ish sen­ti­ment we could see an accep­tance of val­ue also due to near prox­im­i­ty to val­ue edge. Although an open above val­ue does not entire­ly play into the larg­er time­frame sen­ti­ment so per­haps we could see a shift in sen­ti­ment although less like­ly on the short term. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Accceptance
    • Nar­ra­tive: Open sen­ti­ment plus larg­er time­frame bear­ish sentiment. 
    • Pre­ferred: Quick accep­tance and rotation
    • Con: LTF demand right at PPOC plus very tight value. 
  • Hypo 2 — Return to Value
    • Nar­ra­tive: Pos­si­ble sen­ti­ment change, open above val­ue, trad­ing with­in W1 demand near D1 C‑dem. 
    • Pre­ferred: Con­fi­dent bull­ish price action with IB exten­sion up and sus­tained auction.
    • Con: Larg­er time­frame bear­ish sentiment.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 1725.10
  • H4-C‑S 1715.630
  • H4-C‑S 1705.958

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • D1-C‑D 1693

Mind­ful Trading

  • Feel­ing okay but a lit­tle tired

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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