Premarket Prep Gold 20210309 - Bear Market Trader
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Premarket Prep Gold 20210309

Premarket Prep Gold 20210309

#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 below last week’s body close

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 gapped up, then filled and closed as a Bear Engulf clos­ing with­in D1-C‑D 1693 almost tak­ing out W1 demand at 1671.50
    • H4 con­sol­i­da­tion with break high­er through RBR at H4-C‑D 1682.819
    • Pre­mar­ket: H4 Con­tin­u­a­tion high­er reach­ing H4 VWAP in DT
    • Trend: H4 Down, D1 down, W1 up
  • Mar­ket Profile
    • 2 days val­ue slight­ly overlapping
    • ADR: 32029
    • ASR: 18360
      • 460
    • Day
      • Yes­ter­day’s High 1714.210
      • Yes­ter­day’s Low 1676.720


  • Loca­tions
    • H4-C‑S 1705.958 above ADR 0.5 High
  • Sen­ti­ment
    • LN open
      • Above Val­ue, With­in Range
    • Open dis­tance to value
      • 0.1xASR
    • Nar­ra­tive
      • Mod­er­ate Imbal­ance. Due to larg­er time­frame bear­ish sen­ti­ment and near prox­im­i­ty to VAH price could accept val­ue. This would also be in line with price arriv­ing at H4 VWAP in DT. Although due to the H4 run high­er per­haps price can try and break out in line with an open above val­ue around D1/W1 demand lev­els we could see a change in sen­ti­ment around these levels. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Val­ue Acceptance 
    • Nar­ra­tive: Larg­er time­frame bear­ish sen­ti­ment, near prox­im­i­ty to val­ue edge, and arrival at H4 VWAP in DT
    • Pre­ferred: Ear­ly con­fi­dent close with­in val­ue, Quick follow-through.
    • Con: LTF demand and M30 VWAP in UT at VAL
  • Hypo 2 — Return to Value
    • Nar­ra­tive: H4 run high­er, D1/W1 demands
    • Pre­ferred: Strong bull­ish price action fol­lowed by IB exten­sion up and sus­tain auction. 
    • Con: H4 VWAP in DT
  • Hypo 3 — Failed Auc­tion / Swing Reversal
    • Nar­ra­tive: Larg­er time­frame bear­ish sen­ti­ment, price climb high­er to H4 VWAP in DT and H4 C‑sup
    • Pre­ferred: IB exten­sion up with bear­ish rever­sal and failed auc­tion oth­er­wise a TPO struc­ture build up and reversal.

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
  • H4-C‑D 1682.819

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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