Premarket Prep Gold 20210311 - Bear Market Trader
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Premarket Prep Gold 20210311

Premarket Prep Gold 20210311

#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
  • Focus on time-based exits
  • Don’t look at M5 chart unless with­in the last hour of trad­ing window

Com­pared against Week­ly Trad­ing Plan

  • Retrac­ing towards last week’s body high although still two days into the candle

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 Bull Engulf at D1/W1 demand with con­tin­u­a­tion high­er and arriv­ing at D1-C‑S 1725.10 BASE lev­el clos­ing slight­ly with­in supply
    • H4 Con­sol­i­da­tion at H4 50MA in DT end­ing with a bull engulf cre­at­ing demand giv­ing H4-C‑D 1715.315
    • Price con­tin­ued high­er reach­ing H4-C‑S 1734.761 coin­cid­ing with H4 UKC in DT although not much reac­tion as of yet. Closed above W1-C‑D 1730.
    • Price trad­ing with­in H4 QHi
    • Pre­mar­ket: H4 closed with­in supply
  • Mixed Trend: H4 UP, D1 DOWN, W1 UP 
  • Mar­ket Profile
    • Val­ues in UT
    • ADR: 32047
    • ASR: 19232
      • 480
    • Day
      • Yes­ter­day’s High 1727.100
      • Yes­ter­day’s Low 1708.100


  • Loca­tions
    • H4-C‑D 1715.315 at VAH
    • H4-C‑S 1734.761 near­by open at large imbalance
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 1.1xASR
    • Nar­ra­tive
      • Large Imbal­ance. H4 Phase 2 hit­ting sup­ply but clos­ing with­in togeth­er with open sen­ti­ment we could poten­tial­ly see a mean rever­sion. If price takes out said sup­ply we could see a con­tin­u­a­tion as price did return to D1 base level. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Reversion
    • Nar­ra­tive: Open sen­ti­ment, H4 supply
    • Pre­ferred: Strong bear­ish price action with IB exten­sion down and sus­tained auction.
    • Con: Pos­si­ble momen­tum behind the move. 
  • Hypo 2 — Trend continuation
    • Nar­ra­tive: H4 Phase 2 com­ing from D1 bull engulf
    • Pre­ferred: Strong bull­ish price action dur­ing IB tak­ing out H4 sup­ply, IB exten­sion up with sus­tained auction. 
    • Con: Open sen­ti­ment, larg­er time­frame still  bearish.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1734.761
  • D1-C‑S 1725.10 BASE

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • H4-C‑D 1715.315
  • D1-C‑D 1707.500
  • 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


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