Premarket Prep Gold 20210315 - Bear Market Trader
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Premarket Prep Gold 20210315

Premarket Prep Gold 20210315

#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

  • Trad­ing with­in last week’s body

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • D1 con­sol­i­da­tion at D1-C‑S 1725.10 Base level
    • 3rd test of H4-C‑S 1734.842 with a ham­mer formed with­in H4 Qhi after demand was formed at D1-C‑D 1707.500 through H4 Three Inside Up
    • M30 Three Inside Down at M30 Qhi near H4-C‑S 1734.842 fol­lowed by consolidation
    • Pre­mar­ket: H4 Three Out­side Down
  • Trend: H4 , D1 , W1 
  • Mar­ket Profile
    • Wide swings in val­ues created
    • ADR: 30427
    • ASR: 19233
      • 490
    • Day
      • Yes­ter­day’s High 1729.160
      • Yes­ter­day’s Low 1699.140


  • Loca­tions
    • D1-C‑D 1707.500 at VAH and with­in M30 QLo
    • H4-C‑S 1734.842 with­in Val­ue, with­in M30 Qhi
  • Sen­ti­ment
    • LN open
      • Above Val­ue, Out­side Range
    • Open dis­tance to value
      • 0.9xASR
    • Nar­ra­tive
      • Large Imbal­ance. H4 Three Out­side Down with open sen­ti­ment we could see a mean rever­sion to val­ue edge. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1 — Mean Rever­sion / Swing Reversal
    • Nar­ra­tive: Open sen­ti­ment. H4 Three Out­side Down at H4 C‑sup
    • Pre­ferred: Bear­ish price action IB exten­sion down with sus­tained auction
    • Con: D1 Bull­ish sentiment
  • Hypo 2 — Respon­sive Activity
  • Hypo 3 — Trend Continuation
    • Nar­ra­tive: D1 (attempt­ed) break from con­sol­i­da­tion, hav­ing reached D1 Base level
    • Pre­ferred: Strong Bull­ish price action tak­ing out LTF sup­plies. Extend­ing up with sus­tained auction.
    • Con:  Larg­er time­frame still bearish.

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 1734.842
  • D1-C‑S 1725.10 BASE

ZOIs for Pos­si­ble Long

  • W1-C‑D 1730
  • 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


Day trader. Tech geek. Sim Racing Enthusiast.

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